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Tower Group Q1 net income up

Tower Group, a provider of property and casualty insurance, has reported a net income of $14.9 million for the first quarter of 2008, compared to a net income of $11.6 million for the same quarter of 2007.

The company’s gross premiums written increased to $135.1 million in the first quarter of 2008, which was 21.9% higher than $110.88 million written in the same period of 2007.

Total revenues increased 31% to $110.5 million in the quarter compared to $84.3 million in the prior year quarter. Net premiums earned represented 61.9% of total revenues for the three months ended March 31, 2008 compared to 71.6% for the same period in 2007.

Net investment income increased 23.1% to $9.8 million for the three months compared to $8 million for the same period in 2007.