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Tower Group Q3 Revenues Up 96.1%

Total revenues increased to $256.3m in the third quarter of 2009 compared to $130.7m in Q3 2008

ower Group has reported a net income of $30m and diluted earnings per share of $0.74 for the third quarter 2009. The operating income and operating earnings per share were $30.2m and $0.74, respectively, for the third quarter of 2009.

The gross premiums written increased to $282.8m in the third quarter of 2009, a 79.9% increase compared to the third quarter of 2008.

The total revenues increased 96.1% to $256.3m in the third quarter of 2009 compared to $130.7m in the prior year’s third quarter. The net premiums earned represented 87.3% of total revenues for the three months ended September 30, 2009 compared to 67.5% for the same period in 2008.

The operating expenses were $81.9m for the three months ended September 30, 2009 compared to $58.5m for the same period in 2008.

Michael Lee, president and CEO of Tower Group, said: “We are pleased to report another strong quarter of record premium volume, operating income and book value. We were also pleased with the growth in our book value as a result of the significant recovery in our investment portfolio that resulted in pre-tax net unrealised gains of $67m during the quarter.”