Tower Group has announced its merger with Canopius Holdings Bermuda Ltd won’t be finalised until the first quarter of 2013.Tower said that its preliminary proxy materials are still under review by the US Securities and Exchange Commission (SEC) and, accordingly, the approval of the merger by Tower stockholders will not occur in 2012.In addition to the approval of Tower’s stockholders, the merger remains subject to obtaining the regulatory approval of governmental and market authorities.On April 25, 2012, Tower had agreed to invest approximately $75 million to acquire a 10.7 percent stake in Canopius Group Limited subject to the closing of Canopius Group’s acquisition of Omega Insurance Holdings Ltd.Tower entered into the transaction to acquire Canopius Group’s Bermuda-based reinsurance business — a move that will enable the US insurer to create a Bermuda-based holding company and expand globally.Access to the Bermuda platform would provide Tower with a competitive advantage for supporting growth opportunities in the US and international markets. The company expects a combined gross premium written of $2.3 billion in 2013, taking into account business accretion from Canopius.