New York-based Tower Group has announced the completion of a deal to acquire Specialty Underwriters Alliance (SUA) for $107 million.

Tower announced the deal in June, to purchase the Chicago, Ill.-based specialty property-casualty insurer. SUA, through its subsidiary, SUA Insurance Co. The company provides property-casualty coverage to markets including construction, nonprofit and transportation companies through exclusive wholesale partner agents.

For the nine months ending Sept. 30, SUA produced $143 million in gross premiums.

Tower estimated the value of the transaction at $107 million, based on its closing stock price Nov. 13. The deal is expected to close today (Nov. 17).

Michael Lee, president and chief executive officer for Tower, said the acquisition of SUA helps his company accomplish “some important objectives,” including “the strengthening of Tower’s specialty business segment with an established underwriting platform in the Midwest.

“We look forward to working with SUA’s employees in order to deliver substantial value to producers and customers through our higher rating and broader range of products,” Lee said in a statement.

Under the terms of the merger agreement, SUA stockholders are expected to receive 0.28 shares of Tower common stock for each share of SUA common stock or Class B common stock they hold.