QUOTE AND NEWS
Insurance Journal  Sep 16  Comment 
After months of uncertainty, the merger of ACP Re Ltd. and struggling reinsurer Tower Group International has finally closed. Bermuda-based ACP Re and Tower announced on Sept. 12 that all regulatory approvals were in place relating to ACP Re’s...
StreetInsider.com  Sep 15  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Corporate+News/AmTrust+Financial+%28AFSI%29+Acquires+Renewal+Rights+to+Tower+Group%27s+%28TWGP%29+Commercial+Lines+Business/9831877.html for the full story.
DailyFinance  Sep 15  Comment 
Tower Group International, Ltd. (NASDAQ:TWGP) (“Tower”) announced today that ACP Re, Ltd. (“ACP Re”) has completed the previously-announced acquisition of Tower. As a result of the merger, each share of Tower...
Benzinga  Sep 15  Comment 
RadioShack (NYSE: RSH) jumped 29.67% to $1.180 in pre-market trading after the company announced the resignation of its chief financial officer and named Holly Etlin as interim CFO. Tower Group International (NASDAQ: TWGP) shares climbed 11.66%...
DailyFinance  Sep 12  Comment 
ACP Re, Ltd. (“ACP Re”) and Tower Group International, Ltd. (NASDAQ:TWGP) (“Tower”) announced today that ACP Re has received all regulatory approvals required in connection with its previously announced acquisition of...
StreetInsider.com  Sep 12  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Corporate+News/Tower+Group+%28TWGP%29ACP+Re+Deal+Approved+by+NY+DFS+-+Bloomberg/9829233.html for the full story.
Insurance Journal  Sep 2  Comment 
Tower Group International Ltd., which is in the process of being acquired by ACP Re Ltd.,  reported that it had received a letter, dated Aug. 28, 2014, from the Securities and Exchange Commission (SEC) stating that the SEC is conducting … The...
Insurance Journal  Aug 29  Comment 
Tower Group International must deal with more ratings downgrades from A.M. Best, spurred by its soaring net losses and uncertainty over whether it can carry its debts through an intended merger with ACP Re. A.M. Best said its revised ratings...
DailyFinance  Aug 28  Comment 
A.M. Best has downgraded the financial strength ratings to C (Weak) from C++ (Marginal) and the issuer credit ratings (ICR) to “ccc” from “b” of the pooled and reinsured members of the Tower US Pool (Tower) and...
Insurance Journal  Aug 20  Comment 
Tower Group International Ltd. said it has received a notification letter from Nasdaq stating that because it has not yet filed its Form 10-Q for the period ended June 30, 2014 with the Securities and Exchange Commission (SEC), Tower is … The...




 
TOP CONTRIBUTORS

Based in New York City, Tower Group was started in 1990 to provide specialty property-casualty lines to small to mid-sized businesses and individuals in New York State and surrounding areas. The company went public through an IPO in October 20, 2004, selling 14,129,007 shares of common stock (a 76% interest in the company), to raise $108 million. Tower Group focuses on markets typically underserved by the major carriers. Many of these markets are too small or risky for the national carriers to underwrite profitably. By developing an expertise in certain product lines and geographic markets, the company believes it can profitably grow in areas shunned by other carriers. These products include several commercial lines for small businesses: property, liability, workers' compensation and auto insurance and personal lines products such as homeowner's policies and auto. The risks are low severity and short tailed exposures with small premiums per policy. Tower Group carries an A- (Excellent) financial strength rating from A.M. Best Co.

The company operates in three segments:

Insurance 82.6% of 3Q07 underwriting and fee revenues of $112.0 million through Tower Insurance Company of New York (TICNY) the company underwrites commercial automobile, property, workers' comp, and multi-peril package insurance products. Also underwrites homeowners and other personal lines.

Reinsurance 0.8% of 3Q07 underwriting and fee revenues through TICNY, the company assumes reinsurance premiums directly from the clients of the company's in-house broker, Tower Risk Management (TRM), or from the reinsurers that reinsure those clients. Reinsurers often require that Tower take a share of business. The company's reinsurance business has historically been unprofitable but the losses are more than offset by commissions generated from TRM for placing the reinsurance programs with underwriters.

Insurance Services 8.16% of 3Q07 underwriting and fee revenues - through its managing general agency, TRM, places risks with primary underwriters and arranges reinsurance programs for those carriers, and provides claims administration services.




References

Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki