December 18, 2014 4:16 PM ET

Insurance

Company Overview of Tower Group International, Ltd.

Company Overview

Tower Group International, Ltd., through its subsidiaries, provides insurance and reinsurance services to individuals and businesses primarily in the United States. It operates through three segments: Commercial Insurance, Assumed Reinsurance, and Personal Insurance. The Commercial Insurance segment offers commercial package, general liability, workers’ compensation, commercial automobile, fire and allied, inland marine, and commercial umbrella policies to businesses in various industries. The Assumed Reinsurance segment provides assumed reinsurance services in the United States and internationally. The Personal Insurance segment offers property, liability, business interruption, equipment b...

Maxwell Roberts Building

7th Floor

1 Church Street

PO Box 2461

Hamilton,  HM JX

Bermuda

1,072 Employees

Phone:

441 279 6610

Fax:

441 279 6619

Key Executives for Tower Group International, Ltd.

Chief Executive Officer and President
Age: 72
Chief Financial Officer and Executive Vice President
Age: 56
Senior Vice President of Operations
Age: 52
Senior Vice President
Age: 58
Chief Risk Officer
Age: 48
Compensation as of Fiscal Year 2014.

Tower Group International, Ltd. Key Developments

Tower Group International, Ltd.(NasdaqGS:TWGP) dropped from NASDAQ Composite Index

Tower Group International, Ltd. will be removed from the NASDAQ Composite Index.

Tower Group International, Ltd. Reports Earnings Results for the Second Quarter Ended June 30, 2014

Tower Group International, Ltd. reported earnings results for the second quarter ended June 30, 2014. The company reported shareholders' equity attributable to the company plunged to a deficit of nearly $11 million as of June 30 from a positive $36.1 million as of March 31, 2014. The company reported net loss of nearly $54 million in the second quarter. That marked a considerable improvement from the $506.5 million net loss posted by the company in the year-earlier period. Net premiums earned tumbled to $54.5 million in the second quarter from $376.6 million in the year-earlier period. Earned premiums fell to $94.7 million from $418.4 million on a year-over-year basis when incorporating the reciprocal exchanges. Net premiums written of $68.8 million, including the reciprocal exchanges, reflected $284.9 million in direct premiums written, $21.9 million in assumed premiums written, $75.3 million in ceded premiums outside of the cut-through agreements and $162.8 million in ceded premiums under those agreements.

Tower Group International Receives Nasdaq Notice Regarding Listing Requirements

Tower Group International, Ltd. announced that it received a notification letter from The Nasdaq Listing Qualification Department (Nasdaq) on August 14, 2014, stating that because Tower has not yet filed its Form 10-Q for the period ended June 30, 2014 (10-Q) with the Securities and Exchange Commission (SEC), it was not in compliance with the continued listing requirements under Nasdaq Listing Rule 5250(c)(1). This release is being issued in accordance with Nasdaq Listing Rule 5810(b). The Nasdaq notice has no immediate effect on the listing or trading of Tower's common stock on The Nasdaq Global Market. Under Nasdaq listing rules, Tower has 60 days to submit a plan to Nasdaq to regain compliance with the applicable listing rule. Tower currently expects to file the 10-Q with the SEC within approximately the next twenty days.

Similar Private Companies By Industry

Company Name Region
Hudson Reinsurance Company Limited Americas
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Amerinst Insurance Group Ltd. Americas
Torus Insurance Holdings Limited Americas

Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
May 13, 2014
--
Merger/Acquisition
January 6, 2014
--
Merger/Acquisition
January 6, 2014
Tower Group International, Ltd., Renewal Rights and Commercial Lines Insurance Companies
 

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