New York-based Tower Group, Inc. reported 2008 first quarter net income of $14.9 million compared to net income of $11.6 million in the first quarter of 2007.
Gross premiums written increased 42.0 percent to $157.4 million.
Commission and fee based revenue increased 93.1 percent to $30.9 million.
Net investment income for the quarter was up 23.1% to $9.8 million.
The company showed continued underwriting profitability as its combined ratio came in at 84.9 percent versus 86.0 percent in the prior year. The loss ratio improved to 54.5 percent compared to 56.2 percent in last year’s first three months.
Tower Group, Inc. subsidiaries offer property/casualty insurance products to individuals and small to medium-sized businesses, as well as underwriting, claims and reinsurance brokerage services to other insurance companies.
Michael H. Lee, president and chief executive officer, said the firm continues to see “meaningful growth” from its national wholesale expansion that began last year and its core Northeast franchise “continues to produce excellent profitability.”
Source: The Tower Group
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