November 16, 2009 (FinancialWire) — Tower Group, Inc. (NASDAQ: TWGP) said it has completed the acquisition of Specialty Underwriters’ Alliance, Inc. (NASDAQ: SUAI). The transaction is valued at $107 million, based on Tower’s closing price.

Specialty Underwriters’ Alliance is a specialty property and casualty insurance company providing commercial insurance products through wholesale agents that serve niche groups of insureds.

Examples of markets covered by SUA include transportation, professional employer organizations, alternative staffing, and public entities. According to Tower, SUA produced $143 million of gross premiums for the nine months ended September 30.

With the close of the transaction, SUA shares will be delisted from the NASDAQ.

New York-based Tower Group offers property and casualty insurance products and services through its operating subsidiaries. Its insurance company subsidiaries offer insurance products to individuals and small to medium-sized businesses through its network of retail and wholesale agents and specialty business through program underwriting agents.

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