Tower Group has reported net loss attributable to common shareholders in the third quarter of 2011 of $16.4m, or ($0.40) per diluted share, compared to net income attributable to common shareholders in the third quarter of 2010 was $28.6m, or $0.66 per diluted share.
Total revenues for the third quarter of 2011 were $423m, compared to $391m in the same quarter last year.
Operating loss was $15.3m in the third quarter of 2011, or ($0.38) per diluted share compared to operating income of $27.9m in the third quarter of 2010, or $0.65 per diluted share.
Gross premiums written increased to $519.1m in the third quarter, 16.0% higher than in the third quarter of 2010.
The catastrophe losses added 16.1 points to the third quarter 2011 net loss ratio and 16.4 points to the 2011 third quarter net loss ratio excluding the Reciprocal Exchanges.
Premiums on renewed personal lines policies increased 1.6%, on average, during the third quarter of 2011, while the retention rate rose to 89.8%, up from 86.5% in the second quarter of 2011.
Tower Group president and CEO Michael Lee said despite these losses, the firm continue to see great strength in core business, as reflected by the favorable combined ratio excluding these losses, strong organic growth from the newly created businesses, positive pricing trends and declining expense ratio.