IN THE MATTER OF THE ACQUISITION OF CONTROL OF TOWER NATIONAL INSURANCE COMPANY AND MASSACHUSETTS HOMELAND INSURANCE COMPANY BY ACP RE, LTD VIA LONDON ACQUISITION COMPANY, LTD

Docket Number F2014- 01

NOTICE OF HEARING
 

Pursuant to M.G.L. c. 175, § 206B, an application has been made to the Massachusetts Commissioner of Insurance (the “Commissioner”) by ACP Re, Ltd. (“ACP Re”), a Bermuda insurance holding company (the “Applicant”) for approval of a proposed acquisition of control of Tower National Insurance Company (“TNIC”) and its affiliate, Massachusetts Homeland Insurance Company (“MHIC”), both Massachusetts-domiciled property and casualty insurance companies (together, the “Insurers”).  The Applicant proposes to acquire control of the Insurers by the purchase of all of the issued and outstanding stock of the Insurers’ ultimate controlling parent, Tower Group International, Ltd. (“TWGP”), a Bermuda insurance holding company.

The Commissioner will conduct a public hearing pursuant to M.G.L. c. 175, § 206B to determine whether to approve the proposed acquisition of control.  The hearing will commence on Friday, September 5, 2014, at 10:00 a.m. at the Offices of the Division of Insurance, 1000 Washington Street, Boston, Massachusetts 02118-6200.  Documents filed in connection with this proposed acquisition of control are available for public inspection at the Division of Insurance, 1000 Washington Street, Suite 810, Boston, Massachusetts 02118-6200.

The purpose of this public hearing is to afford those persons identified in M.G.L. c. 175, § 206B(d)(2) the opportunity to present evidence, to examine and cross-examine witnesses, to offer oral and written arguments and to conduct discovery proceedings in the same manner as in the Superior Court Department of the Trial Court.  Any discovery proceedings shall be concluded no later than August 29, 2014.

Any person identified in M.G.L. c. 175, § 206B(d)(2) who wishes to participate in the September 5, 2014 hearing must submit, on or before September 3, 2014, a Notice of Intent to Participate, setting forth the statutory basis for their participation.  The Notice of Intent to Participate must specify the basis for the asserted interest in the proposed acquisition of control, if applicable, as well as whether the person intends to make an oral statement, present evidence, examine or cross-examine witnesses or engage in discovery.

If the Commissioner determines that a person’s interest may be affected by the proposed acquisition of control, that person may participate at the hearing following presentations by the Applicant, the Insurers and before any other person the Commissioner may recognize at the hearing.  The length of any oral statements, presentations of evidence or examination of witnesses, may be limited at the discretion of the Commissioner.  Written argument may be submitted at any time prior to the conclusion of the hearing.

All submissions, including the Written Notice of Intent to Participate, must be sent to: Docket Clerk, Hearings and Appeals, Division of Insurance, 1000 Washington Street, Suite 810, Boston, Massachusetts 02118-6200, must refer to Docket No. F2014-01.

 

Dated August 20, 2014

 

                                                                      

                                                                                    ________________________________

                                                                                    Joseph G. Murphy

                                                                                    Commissioner of Insurance