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Article: Tower Group Falls in Line - Analyst Blog
- Article from:
- Zacks Investment Research - Analyst Blog
- Article date:
- November 6, 2009
- Author:
CopyrightCopyright 2009 Zacks Investment Research. (Hide copyright information)
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Tower Group Falls in Line - Analyst Blog
Tower Group Inc.
's (
TWGP
) third-quarter earnings of 74 cents were in line with the Zacks Consensus Estimate. Results were affected favorably by an increase in premiums written due to the acquisitions of CastlePoint and Hermitage. Last year, the company had reported earnings of 79 cents per share.
Gross premiums written and produced increased 39.4% year-over-year to $283 million. Total revenues increased 96.1% year-over-year to $256.3 million. Net premiums earned of $223.9 million represented 87.3% of total revenues in the reported quarter, compared to 67.5% for the same period in 2008.
Net investment income increased 165.9% ...