TAG Financial Institutions Group advises the Audit Committee of the Board of Directors of National General Holdings Corp.
We are pleased to announce that TFIG has recently provided financial advisory services to the Audit Committee of the Board of Directors of National General Holdings Corp. (“NGHC”).
Such services related to assisting and advising the independent directors of NGHC in evaluating and negotiating a successful debt restructuring plan relating to NGHC’s participation as lender in a $250 million credit agreement with ACP Re Holding, LLC (“ACP Re”). This debt restructuring agreement was precipitated by a process under which Tower Group International Ltd. (“Tower Group), a subsidiary of ACP Re, became insolvent and subsequently all Tower Group non-U.S. subsidiaries were placed in liquidation and its U.S. insurance subsidiaries were merged and placed into liquidation under a Conservation Plan entered into with the California Department of Insurance. The Tower Group Conservation Plan was approved by the Superior Court of the State of California effective September 13, 2016.
As a result of this debt restructuring, NGHC effectively reduced $125 million of financial exposure under a related Stop Loss Reinsurance Agreement while enhancing the credit profile of its exposure to ACP Re through the renegotiation of the existing $250 million ACP Re credit agreement.
National General Holdings Corp. (Nasdaq: NGHC), headquartered in New York City, is a publicly traded specialty personal lines insurance holding company with a current market capitalization of approximately $2.3 billion NGHC traces its roots to 1939, has a financial strength rating of A– (excellent) from A.M. Best, and provides personal and commercial automobile, homeowners, umbrella, recreational vehicle, motorcycle, supplemental health, and other niche insurance products.
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