Tower Group has reported a net income of $26.8m or $0.67 per diluted share, for the fourth quarter of 2011, which declined when compared to $36.6m or $0.88 per diluted share for the fourth quarter of 2010.

The total revenues for the fourth quarter of 2011 increased to $454.9m, compared to $419.7m for the same period a year ago.

Operating income was $28.03m, compared to $33.2m for the same period in the previous year.

Total net premiums written in the commercial and personal segments increased to $407m, compared to $372.8m for the same period in the last year.

Tower Group president and chief executive officer Michael Lee said during the fourth quarter, the company has continued to see positive trends in its business, especially from the organic growth it generated from its newly created Assumed Reinsurance and Customized Solutions business units.

" We also began to see favorable pricing trends in certain lines of business, including homeowners, commercial property and workers compensation," Lee said.