SeekingAlpha  Mar 27  Comment 
By David Merkel: A while ago, I wrote a piece on Tower Group after its stock price imploded, before it went down more, and attracted an acquisition offer from entities affiliated with the main owner of AmTrust Financial Services for $3/share....
SeekingAlpha  Mar 26  Comment 
By Whopper Investments: Upfront disclosure: I am long SWS and TWGP. TWGP is a distressed insurance company, and if their merger agreement were to fall through there is a significant chance of capital impairment. This article is intended for...
Insurance Journal  Mar 11  Comment 
Tower Group International Ltd. said it has received a notification letter from The NASDAQ Listing Qualification Department  on March 5, 2014, stating that the company is not in compliance with the continued listing requirements. Tower fell out of...
StreetInsider.com  Feb 11  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Earnings/Tower+Group%2C+Inc.+%28TWGP%29+Misses+Q3+EPS+by+%241.43/9154715.html for the full story.
Insurance Journal  Feb 7  Comment 
Michael H. Lee, Tower Group International Ltd. chairman, president and chief executive officer, has resigned from the company and the company’s board of directors to pursue personal and other career opportunities, the company announced today....
StreetInsider.com  Jan 21  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Corporate+News/AmTrust+%28AFSI%29%2C+Tower+Group+%28TWGP%29+Receive+Regulatory+Approval+of+Cut+Through+Re+Agreement/9070989.html for the full story.
DailyFinance  Jan 10  Comment 
A.M. Best Co. has commented that the financial strength rating of A (Excellent) and issuer credit ratings (ICR) of “a” of the subsidiaries of AmTrust Financial Services, Inc. (AmTrust) (headquartered in New York, NY)...
DailyFinance  Jan 8  Comment 
Shareholder Rights Law Firm Johnson & Weaver, LLP is investigating whether members of the board of directors of Tower Group International, Ltd. (Nasdaq:TWGP) breached their fiduciary duties in connection with the proposed...
SeekingAlpha  Jan 7  Comment 
By Stephen Simpson, CFA: The long nightmare that is Tower Group (TWGP) now has an end in sight. Assuming that a sufficient number of Tower shareholders approve, and that the company doesn't go insolvent before the deal closes, Tower will be...
DailyFinance  Jan 6  Comment 
Tower Group International, Ltd. (NASDAQ:TWGP) (Tower) announced today that on January 3, 2014 it entered into an Agreement and Plan of Merger (Merger Agreement) with ACP Re Ltd. (ACP Re), and a wholly-owned subsidiary of ACP...


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.


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