Search
 

Tower Group 2Q Net Down; Focus Is On Acquisitions, Small Accounts

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.

By Chad Hemenway | Updated on August 09, 2010

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.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.