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Tower Group Reports Q2 Net Income Of $30.6m

Total revenues increased 138.8% to $255 million

Tower Group, a property and casualty insurance products and services company, has reported a net income of $30.6 million and diluted earnings per share of $0.75 for the second quarter of 2009.

The operating income and operating earnings per share were $29.5 million and $0.73 for the second quarter of 2009, respectively. The gross premiums written increased to $260.7 million in the second quarter, a 57.1% increase compared to the second quarter of 2008.

Total revenues has increased 138.8% to $255 million in the second quarter of 2009, as compared to $106.8 million in the prior year’s second quarter. The net premiums earned represented 90% of total revenues for the three months ended June 30, 2009, compared to 65.7% for the same period in 2008.

For the Brokerage Insurance segment, the premiums on renewed business increased 2.8% in personal lines and decreased 0.8% in commercial lines, resulting in an overall increase of 0.4% during the second quarter of 2009.

The retention rate on brokerage business was 91% for personal lines and 82% for commercial lines, during the second quarter of 2009.