NU Online News Service, Aug. 10, 3:22 p.m. EDT
Tower Group Inc. said 2010 second-quarter net income was $28.3 million, down from $30.6 million a year ago, while gross premiums written increased 26.7 percent from the integration of its CastlePoint and Specialty Underwriters' Alliance acquisitions.
President and Chief Executive Officer Michael H. Lee said during a conference call that Tower's operating performance the last several quarters has been adversely affected as it deployed capital from the CastlePoint purchase and integrated acquisitions. But he said Tower's performance should improve for the remainder of 2010 with the closing of another acquisition, OneBeacon Insurance Group's personal lines division, in July.
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