Tower Group, Inc. (NASDAQ:TWGP) announced that it entered into a stock purchase agreement yesterday to acquire North American Lumber Insurance Company (NALIC), a shell company with 17 state licenses, nine of which are active in the following states: New Jersey, Connecticut, Massachusetts, Rhode Island, Vermont, Maryland, Delaware, South Carolina and Wisconsin. Tower Group, Inc. will pay $1.05 million in cash at closing. An additional $75,000 will be paid within one year of the closing date contingent upon license reactivation in each of Pennsylvania and Maine.
NALIC will be initially capital...
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