New York-based property/casualty insurer Tower Group, Inc. has acquired the renewal rights to the workers’ compensation business of AequiCap Program Administrators, an underwriting agency based in Fort Lauderdale, Florida.
The company said that the business subject to the agreement primarily consists of small, low to moderate hazard workers’ compensation policies in Florida that are consistent with Tower’s current underwriting guidelines.
AequiCap’s employees involved in the servicing of the workers compensation business will become employees of Tower, according to the company.
The business is expected to contribute approximately $40 million in premiums on an annual basis.
Michael H. Lee, president and CEO of Tower Group, Inc., noted that through its CastlePoint operations, Tower has worked with AequiCap since 2007 to provide insurance services and thus is familiar with the business.
Source: Tower Group
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