TWGP ==> The World Series Winner

[mrmarket]

Tower of POWER!!

Tower Group's profit surges 28 percent in 1Q
Tuesday May 6, 8:49 am ET
Profit surges 28 percent in 1st quarter on higher premiums, investment income

NEW YORK (AP) -- Tower Group Inc.'s profit surged 28 percent in the first quarter as the insurer collected more in premiums and generated better returns on its investments, the company said Tuesday.
Tower Group earned $14.9 million, or 64 cents per share, in the first quarter, compared with profit of $11.6 million, or 49 cents per share, in the first quarter last year.

Operating income, which insurers emphasize because it excludes costs not considered reflective of business trends, was 60 cents per share, which according to a Thomson Financial survey met expectations.

Premiums grew 22 percent to $135.1 million.

Of each premium dollar collected, Tower Group spent 84.9 cents paying claims, more than a penny on the dollar less than the first quarter last year.

Chief Executive Michael H. Lee said in a statement the company "took advantage of profitable growth opportunities" in a challenging market.

Like most insurers, Tower Group collects premiums from insurance policies and invests those premiums in bonds or investment partnerships. Investment income vaulted 23 percent to $9.8 million.

[mrmarket]

You sees?!!

Tower Group 2nd-quarter profit triples

Tower Group 2nd-quarter profit triples, net investment income more than doubles

• On Wednesday August 5, 2009, 12:49 pm EDT

NEW YORK (AP) -- Insurance company Tower Group Inc. said Wednesday its second-quarter profit tripled as it collected more in premiums and its net investment income more than doubled.
Net income jumped to $30.6 million, or 75 cents per share, from $10.2 million, or 44 cents per share, a year earlier.
Operating income, which insurers emphasize because it excludes costs not considered reflective of business trends, was 73 cents per share.
Analysts forecast earnings of 73 cents per share, according to a Thomson Reuters survey. Analysts' estimates generally exclude one-time items.
Net premiums written surged to $235.8 million from $82.6 million. Net investment income, or income excluding net realized and unrealized gains and losses, more than doubled to $17.4 million from $8.4 million.
Revenue also more than doubled to $255 million from $106.8 million easily beating Wall Street's estimate of $207.9 million.
The company's combined ratio climbed to 85.5 percent from 81.1 percent a year earlier. Combined ratio measures the amount of money an insurer pays out in expenses and claims compared with revenue generate by premiums. A ratio above 100 percent means the insurer is spending more than it earns.
Tower anticipates third-quarter operating earnings of 71 cents to 76 cents per share. For the year, the insurer forecast operating earnings of $3.15 to $3.25 per share. Its 2010 operating earnings are expected in a range of $3.50 to $3.70 per share.
Analysts predict the company will earn 79 cents per share in the third quarter, $3.23 per share for 2009 and $3.64 per share in 2010.
Shares of Tower Group fell 22 cents to $24.24 in afternoon trading.