Hermitage Insurance Company
     

TOWER GROUP, INC. CLOSES ACQUISITION OF HERMITAGE INSURANCE GROUP

NEW YORK, Feb 27, 2009 (BUSINESS WIRE) -- Tower Group, Inc. ("Tower"; NASDAQ: TWGP) announced today that it has completed the acquisition of HIG, Inc. ("Hermitage"), a specialty property and casualty insurance holding company, from a subsidiary of Brookfield Asset Management Inc. for $130 million. This transaction was previously announced on August 27, 2008.

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Hermitage Insurance Company, founded in 1984 and based in White Plains, New York, writes small to mid size accounts consisting of light to medium hazard property/casualty risks in 35 states. Our clients are regional wholesalers and general agents and we have specialized in meeting their needs for 20 years.

Products and Services

We focus on difficult to place commercial risks with average premiums under $10,000. We offer our clients an extensive array of Property and Liability products that can be readily tailored to suit their needs.

Market Focus includes:

    Habitational Exposures
  • Apartment Buildings
  • Multi-family Dwellings (1-4 family)
  • Rooming and Boarding Houses
  • Hotels and Motels (under 6 stories)
  • Condominium Associations
    • Contractors
  • Renovations - Residential & Commercial
  • Boiler (Installation and Repair)
  • Artisan
    • Carpentry (Interior and Exterior)
    • Concrete Contractors (foundation work on a non-admitted basis only)
    • Drywall
    • Electricians
    • Masonry
    • Painting (Interior and Exterior)
    • Roofing (Residential and Commercial)
    • Siding
  • Residential General Contractors (available on a non admitted basis)
    • Additional Specialty Coverages
  • Restaurants, Bars & Taverns, Adult Entertainment (Liability including Liquor)
  • Small and Medium Mono-line Products
  • Special Events
  • Amusement Devices (No mechanical rides)
  • Manufacturers (excluding infant related furniture, toys, etc.)
  • Mercantile (LRO, Distributors & Retail)
  • Institutional Properties (excluding hospitals)
  • Places of Worship
  • Clubs (Civic & Social)
Our business model is based upon long term relationships with our producers and our underwriters work closely with them to help provide real solutions to their clients’ insurance needs. We strive to adapt to the ever changing needs of our producers and entertain new types of risks and classes of business as they are presented to us. If you are a licensed agent or broker and are interested in doing business with us or if you would like us to look at your difficult-to-place risks, please call us.

Company

Hermitage Insurance Company has adhered to a sound and prudent underwriting philosophy which has produced consistent results and growth over the years. Our current A.M. Best Company is “B++”. Hermitage Insurance Company is domiciled in the State of New York and is a wholly-owned subsidiary of Brookfield Asset Management Company, (NYSE:BAM)

Doing business on an admitted basis in:

GA, NJ, NY, PA, RI.

Doing business on a non-admitted basis in:

AL, CT, FL, ID, IL, IN, IA, KS, KY, LA, MD, MA, MI, MN, MS, MT, NE, NC, ND, OH, OK, OR, SC, SD, TN, TX, VA, WV, WI.

Hermitage Insurance Company

1311 Mamaroneck Avenue, Suite 135

White Plains, NY 10605

(914) 683-8008

(914) 683-8245 (fax)

(914) 683-8514 (claims fax)

1-800-238-2945 (claims)

 

2780 Bert Adams Road – Suite 302

Atlanta, GA 30339

(770) 434-2391

(770) 433-0815 (fax)

 

Hermitage Holdings, Inc.

655 Winding Brook Drive, 3rd Floor

Glastonbury, CT 06033

(860) 659-1919

(860) 659-1713 (fax)

 

Kodiak Insurance Company

1311 Mamaroneck Avenue, Suite 135

White Plains, NY 10605

(914) 683-8202

(914) 686-1139 (fax)

1-888-667-0901

 

(914) 683-8844

(914) 683-1337 (fax)

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