QUOTE AND NEWS
Insurance Journal  Jul 1  Comment 
Tower Group International Ltd., the insurer that agreed to be bought by ACP Re Ltd., plunged to a record low amid doubts over whether the deal will be completed. Tower declined 19 percent to $1.65 at 9:52 a.m. yesterday in … The article Tower...
Motley Fool  Jun 30  Comment 
These three stocks fell below their worst levels of the year Monday. Find out why.
TheStreet.com  Jun 30  Comment 
NEW YORK (TheStreet) -- Shares of Tower Group International, Ltd. are falling -10.37% to $1.82 amid doubts its deal to be bought by ACP, a trust established by AmTrust Financial Services Inc. , will be completed, Bloomberg reported.Tower...
Benzinga  Jun 30  Comment 
American Apparel (NYSE: APP) shares declined 18.41% to $0.79 after the company announced Dov Charney's special meeting request is invalid. On Saturday, American Apparel adopted a one-year stockholder rights plan. Tower Group International...
StreetInsider.com  May 16  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Corporate+News/Tower+Group+%28TWGP%29+Receives+Nasdaq+Notice+Regarding+Listing+Requirements/9497977.html for the full story.
StreetInsider.com  May 15  Comment 
* Kindred Healthcare, Inc. (NYSE: KND) announced a proposal to acquire all of the outstanding shares of common stock of Gentiva Health Services, Inc. (Nasdaq: GTIV) for a combination of $7.00 per share in cash and $7.00 of Kindred common stock....
SeekingAlpha  May 14  Comment 
By David Merkel: On Tuesday, a subsidiary of Eurohold Group, Euroins Insurance Group, announced a $3.75 bid for Tower Group (TWGP). I think it is bogus. Here's why: At the price they are paying, they are offering more than their net worth to...
TheStreet.com  May 13  Comment 
NEW YORK (TheStreet) -- Tower Group  stock is gaining Tuesday after receiving a $3.75-per-share offer from Euroins Insurance Group. By midafternoon, shares had climbed 5.8% to $2.38. In a statement, Euroins said it had submitted a letter to...
Benzinga  May 13  Comment 
Euroins Insurance Group. (“EIG”) announced today that it has submitted a letter to the board of directors of, Tower Group International Ltd. (the “Company”) (NASDAQ: TWGP) proposing to acquire all of the Company's outstanding common stock,...




 
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

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