Tower Group, a provider of property and casualty insurance products and services, has reported a net income of $6.7 million for the fourth quarter of 2007, up 91.3% compared to the same quarter of 2006.
Total revenues were $112.5 million in the quarter, up 44.4% compared with total revenues of $77.9 million for the corresponding quarter of 2006. Net premiums earned represented 69.8% of total revenues for the period as against 70.7% for the same period in 2006.
Gross premiums written in the insurance and reinsurance segments increased to $136.6 million in the fourth quarter, which was 12.9% higher compared to the fourth quarter of 2006.
Net income for the full year of 2007 was $56.5 million, up 53.6% when compared with the net income recorded in 2006. Total revenues rose 37.6% to $411.6 million for 2007 compared to 2006 total revenues of $299.3 million.
Gross premiums written in the insurance and reinsurance segments increased to $524 million in 2007, 21.1% ahead of 2006 and net premiums earned represented 69.5% of total revenues for 2007 compared to 74.8% in 2006.
Michael Lee, president and CEO of Tower Group, said: Despite challenging market conditions, we achieved very strong operating results as exhibited by our top line growth, a favorable combined ratio and significant contributions from commission and fee income. We believe our balance sheet has been further strengthened to support our growth in 2008.