Tower Group has reported a net income of available to common shareholders of $24.1m, or $0.58 per share, in the second quarter 2011, compared to $25.6m, or $0.58 per share, in the same quarter of 2010.
Total revenues for the second quarter of 2011 were $436m, compared to $311m in the same quarter last year.
Operating income for the second quarter was $26m, an increase of 14.7% compared to $22.6m in the same a year ago, owing to unusually severe weather-related claims.
Gross premiums written were $468m, compared to $331m in the in the second quarter of 2010, an increase of 41.1%.
Tower Group president and CEO Michael Lee said despite significant industry catastrophe losses and challenging market conditions, the firm generated a strong operating results during the quarter by maintaining underwriting and cost discipline and by profitably growing business through acquisitions and new organic growth initiatives.
"Overall, we are pleased with our progress in executing our revamped business strategy to generate organic growth in profitable specialty markets while improving profitability in our existing commercial and personal lines units," Lee said.