Stockholders are expected to receive 0.28 shares of Tower common stock for each share
Specialty Underwriters’ Alliance’s common stock holders voted to adopt the amended and restated agreement and plan of merger executed on July 22, 2009, and effective as of June 21, 2009, among the company, Tower Group, and Tower S. F. Merger Corporation.
The company said that approximately 66.9% of the shares eligible to vote and over 99.8% of the shares voting at the special meeting, were voted in favor of adopting the merger agreement.
Under the terms of the agreement, the company’s stockholders are expected to receive 0.28 shares of Tower common stock for each share of its common stock or Class B common stock they hold. The merger is expected to close on or before November 17, 2009.
Specialty Underwriters’ Alliance is a specialty property and casualty insurance company providing commercial insurance products, through exclusive wholesale partner agents that serve niche groups of insureds.