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AP News

Tower Group Int'l Chairman, CEO Lee resigns

NEW YORK (AP) — Tower Group International Chairman, President and CEO Michael Lee has resigned to pursue personal and other career opportunities.

The Bermuda-based insurance and reinsurance holding company named board member Jan Van Gorder as chairman. It also announced Friday that former board member William W. Fox Jr. is expected to become president and CEO once his employment terms are finalized.

Last month Tower Group International Ltd. announced that it agreed to sell itself to privately held reinsurer ACP Re Ltd. in a deal worth about $172.1 million. The deal is expected to close by the summer.

Lee has been the CEO and president of Tower Group International Ltd. since March 13, 2013, according to CapitalIQ.

Van Gorder, 66, is the former acting CEO of Erie Insurance Group. He also served in various other positions at the company, including senior executive vice president, secretary and general counsel.

The 72-year-old Fox has worked at Balis & Co. and its successor, the Guy Carpenter reinsurance unit of Marsh & McLennan Cos. He was CEO of Excess Reinsurance Co. from 1992 to 1999 and is the founder of PW Reinsurance Management Co.

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