Tower Group, a provider of diversified property and casualty insurance products and services, has reported total revenues of $303.5m for the first quarter of 2010, an increase of 51.4% compared to $200.3m for the same quarter in 2009.
The company’s operating income for the quarter was $17.8m as compared to $28.3m for the year 2009. The gross premiums written for the first quarter were $283m compared to $199.9m for the same period last year, while net premiums written for the quarter were $247.1m compared to $186.2m for the same quarter in 2009.
For the quarter ended March 31, 2010, the Tower Group posted a net income of $17.5m, or $0.38 per diluted earning per share, compared to $17.9m, or $0.53 per diluted share for the same period last year.
Michael Lee, president and CEO of Tower Group, said: “During the quarter, we experienced the worst storm losses in our twenty year history. Despite these storm losses, we were able to achieve profitable underwriting results by successfully executing on our plan to diversify our business and to consolidate renewal business through acquisitions. As a result, we achieved strong top line growth while maintaining underwriting and pricing discipline.
In addition, with the OneBeacon Personal Lines acquisition, which we expect to close at the end of the second quarter, we will be able to significantly expand our personal lines division, further diversify our business model and profitably grow our business.”