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TWGP > SEC Filings for TWGP > Form 8-K on 24-Feb-2014All Recent SEC Filings

Show all filings for TOWER GROUP INTERNATIONAL, LTD.

Form 8-K for TOWER GROUP INTERNATIONAL, LTD.


24-Feb-2014

Termination of a Material Definitive Agreement, Financial Stateme


Item 1.02 Termination of a Material Definitive Agreement.

On February 14, 2014, Tower Group International, Ltd. ("Tower") terminated all previous reinsurance agreements and related trusts with Southport Re (Cayman) Ltd ("Southport Re") after determining that such agreements and related trusts were no longer necessary as a result of Tower's recent rating agency downgrades. Under the reinsurance commutation agreement and upon consummation of the commutation, the parties to the reinsurance commutation agreement are released from all liabilities and obligations under the following agreements: (i) June 1, 2013 Workers Compensation Adverse Development Aggregate Excess of Loss Reinsurance Contract issued to Tower Insurance Company of New York ("TICNY");
(ii) June 1, 2013 Workers Compensation Adverse Development Aggregate Excess of Loss Reinsurance Contract issued to Tower Reinsurance, Ltd.; and (iii) July 1, 2013 Workers Compensation Quota Share Reinsurance Contract issued to TICNY. The reinsurance commutation agreement is effective as of February 19, 2014. Tower did not incur any early termination penalties in connection with the foregoing. For a further description of the reinsurance agreements between Tower and Southport Re, please see our Current Report on Form 8-K that was filed with the United States Securities and Exchange Commission on October 1, 2013. The reinsurance commutation agreement is attached hereto as Exhibit 10.1 and incorporated herein by reference.



Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

The following exhibits are furnished as part of this report:

Exhibit
  No.                                Description of Exhibit

10.1         Reinsurance Commutation Agreement, dated as of February 14, 2014 and
             effective as of February 19, 2014, by and among Southport Re (Cayman)
             Ltd., Tower Reinsurance, Ltd. and Tower Insurance Company of New York.

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