Tower Group International Director Resigns

December 31, 2013

In an 8-K filing on Dec. 31, Tower Group International reported that William W. Fox, Jr., a member of the Board of Directors, notified the chairman of the board of his resignation from the Board effective as of Dec. 31, 2013.

According to the filing, Fox notified the chairman, Michael H. Lee, on Dec. 24.

According to information on Tower’s website, Fox, who has over 40 years of experience in the insurance and reinsurance industry, became a director in April 2006.

Positions in the industry included stints with Balis & Co., Inc. and its successor, the Guy Carpenter reinsurance brokerage division of Marsh & McLennan Companies, from 1962 through 1988, and again from 1992 through 1999, where he also served on the Guy Carpenter’s executive committee and board of directors.

During his tenure on Tower’s board, Fox was a member of the Audit Committee and the Corporate Governance & Nominating Committee.

In Tower’s previous 8-K filing on Dec. 24,, the company reported the Dec. 20 action by A.M. Best Company to downgrade the financial strength rating to “B” (Fair) from “B++” (Good).