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Board of Directors

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Michael H. Lee

Chairman of the Board, President and Chief Executive Officer

Mr. Lee currently serves as Chairman of the Board of Directors, President and Chief Executive Officer and has held these positions at the Company since its formation in 1995 and at its subsidiaries since their formation. Before founding the Company's first insurance subsidiary, Tower Insurance Company of New York, in 1990, Mr. Lee was an attorney in private practice specializing in advising entrepreneurs on the acquisition, sale and formation of businesses in various industries. Mr. Lee received a B.A. in Economics from Rutgers University in 1980 and a J.D. from Boston College Law School in 1983. He is admitted to practice law in New York and New Jersey. Mr. Lee has worked in the insurance industry for over 20 years with experience in insurance, finance, underwriting, sales and marketing, claims management and administration and law. Mr. Lee also served as Chairman, President and Chief Executive Officer of CastlePoint Holdings, Ltd. from its formation in 2006 until its merger into the Company in February 2009.

The Board of Directors believes that Mr. Lee possesses the experience, qualifications, attributes, and skills necessary to serve on the Board because of his more than 20 years of experience in all aspects of insurance, finance, mergers and acquisitions and the formation of various businesses, his having provided leadership and strategic direction to the Company as its founder, Chairman, President, and Chief Executive Officer since 1995, and his unparalleled knowledge of the Company and its business.

Holdings: 3,310,892 shares     View Transactions

Date	Type	Shares Traded	Price Range
Dec 31, 2011	Acquisition (Non Open Market)	13,210	20.42
Dec 31, 2011	Disposition (Non Open Market)	6,401	20.42
Dec 22, 2011	Disposition (Non Open Market)	3,000	n/a
Mar 30, 2011	Disposition (Non Open Market)	83,700	24.00
Mar 30, 2011	Acquisition (Non Open Market)	83,700	24.00
Mar 30, 2011	Disposition (Non Open Market)	5,853	23.38
Mar 28, 2011	Disposition (Non Open Market)	1,479	23.92
Mar 15, 2011	Disposition (Non Open Market)	2,690	23.41
Mar 14, 2011	Disposition (Non Open Market)	3,699	23.63
Mar 14, 2011	Disposition (Non Open Market)	5,904	23.63
Mar 7, 2011	Disposition (Non Open Market)	12,040	23.91
Mar 7, 2011	Acquisition (Non Open Market)	138,924	23.91
Dec 31, 2010	Acquisition (Non Open Market)	10,490	25.72
Dec 31, 2010	Disposition (Non Open Market)	5,083	25.72
Dec 8, 2010	Acquisition (Non Open Market)	94,500	8.50
Dec 8, 2010	Sell	94,500	26.25
Sep 27, 2010	Acquisition (Non Open Market)	29,374	2.78
Sep 27, 2010	Sell	29,374	22.80
Sep 24, 2010	Acquisition (Non Open Market)	17,114	2.78
Sep 24, 2010	Sell	17,114	22.80
Aug 26, 2010	Acquisition (Non Open Market)	59	2.78
Aug 26, 2010	Sell	59	22.80
Aug 18, 2010	Acquisition (Non Open Market)	37,153	2.78
Aug 18, 2010	Sell	37,153	22.89
Apr 5, 2010	Disposition (Non Open Market)	7,065	21.96
Mar 29, 2010	Disposition (Non Open Market)	1,478	22.10
Mar 15, 2010	Disposition (Non Open Market)	12,293	21.92
Mar 5, 2010	Acquisition (Non Open Market)	98,992	n/a
Dec 31, 2009	Acquisition (Non Open Market)	11,459	23.54
Dec 31, 2009	Disposition (Non Open Market)	5,552	23.54
Mar 30, 2009	Disposition (Non Open Market)	1,478	23.83
Mar 19, 2009	Acquisition (Non Open Market)	12,600	2.78 - 25.00
Mar 16, 2009	Disposition (Non Open Market)	2,690	23.44
Mar 13, 2009	Acquisition (Non Open Market)	24,270	n/a
Mar 13, 2009	Disposition (Non Open Market)	3,699	23.34
Feb 5, 2009	Acquisition (Non Open Market)	346,752	24.98
May 5, 2008	Disposition (Non Open Market)	12,744	23.48
May 5, 2008	Disposition (Non Open Market)	2,281	23.72
Mar 28, 2008	Disposition (Non Open Market)	1,367	25.69
Mar 15, 2008	Disposition (Non Open Market)	2,404	23.72
Nov 19, 2007	Disposition (Non Open Market)	13,166	31.69
Jun 5, 2007	Disposition (Non Open Market)	15,750	n/a
Mar 13, 2007	Acquisition (Non Open Market)	30,414	n/a
Mar 1, 2007	Acquisition (Non Open Market)	27,650	n/a
Mar 31, 2006	Acquisition (Non Open Market)	15,191	n/a

Charles A. Bryan CPA, FCAS, CPCU

Director

Mr. Bryan, a Director since 2004, has been the President of CAB Consulting, LLC, an insurance consulting firm that provides general management, merger and acquisition, actuarial and accounting services, since 2001. From 1998 to 2000, Mr. Bryan served as Senior Vice President and Chief Actuary for Nationwide Insurance Group. Mr. Bryan is a Fellow of the Casualty Actuarial Society, a Certified Public Accountant, and a Chartered Property and Casualty Underwriter. Mr. Bryan also serves on the Board of Directors of Safe Auto, Medical Mutual of Ohio, the Ohio Bureau of Workers Compensation and Munich Re America (statutory company only) and its U.S. affiliates (statutory companies only). Mr. Bryan received an M.B.A. in General Management from Golden Gate University in 1976, an M.S. in Mathematics from Purdue University in 1969 and a B.S. in Mathematics from John Carroll University in 1968.

The Board of Directors believes that Mr. Bryan possesses the experience, qualifications, attributes, and skills necessary to serve on the Board because of his more than 35 years of relevant actuarial, accounting, and insurance industry-related experience, his years of service on various insurance-related boards of directors, and his extensive knowledge of the Company and its business. In addition, he has a number of relevant professional designations, such as CPA, FCAS, and CPCU, which indicate his knowledge of insurance, actuarial, and accounting issues.

Member of the Audit Committee
Chair of the Compensation Committee
Member of the Corporate Governance & Nominating Committee

Holdings: 19,822 shares     View Transactions

Date	Type	Shares Traded	Price Range
Aug 15, 2011	Buy	1,000	22.99
Mar 7, 2011	Acquisition (Non Open Market)	2,300	23.91
Apr 1, 2010	Acquisition (Non Open Market)	2,019	n/a
Nov 23, 2009	Acquisition (Non Open Market)	1,000	24.59
Apr 2, 2009	Acquisition (Non Open Market)	1,830	n/a
Apr 4, 2008	Acquisition (Non Open Market)	1,492	n/a
Jul 2, 2007	Acquisition (Non Open Market)	233	n/a
Apr 4, 2007	Acquisition (Non Open Market)	783	n/a
Mar 31, 2006	Acquisition (Non Open Market)	1,085	n/a

William W. Fox Jr.

Director

Mr. Fox, who became a Director in April 2006, has over 40 years experience in the insurance and reinsurance industry. Mr. Fox was employed by Balis & Co., Inc. and its successor, the Guy Carpenter reinsurance brokerage division of Marsh & McLennan Companies, from 1962 through 1988, and again from 1992 through 1999. Mr. Fox had a number of positions at Balis & Co., Inc., and Guy Carpenter, including President of Balis from 1985 through 1988 and again from 1992 through 1999. Mr. Fox also served as a member of Guy Carpenter's Executive Committee and Board of Directors, and as a Managing Director of J&H, Marsh & McLennan. Between 1992 and 1999, Mr. Fox was also the Chief Executive Officer of Excess Reinsurance Company. In 1988, Mr. Fox founded PW Reinsurance Management Company ("PW Group"), as a joint venture with Providence Washington Insurance Company ("Providence") to underwrite reinsurance on behalf of Providence. Mr. Fox was a Senior Vice President of Providence from 1988 to 1989 and was responsible for selecting and overseeing reinsurance intermediaries. In 1989, the Baloise Insurance Group acquired Providence and appointed Mr. Fox President of the PW Group. Mr. Fox has served on several insurance-related boards of directors and is currently the Chairman of the Board of MII Management Group, the Attorney-in-Fact for MutualAid Exchange. Mr. Fox is a member of the CPCU Society and holds a Pennsylvania Property and Casualty License.

The Board of Directors believes that Mr. Fox possesses the experience, qualifications, attributes, and skills necessary to serve on the Board because of his more than 40 years of relevant industry-related experience in the fields of insurance and reinsurance, his years of service on various insurance-related boards of directors, and his extensive knowledge of the Company and its business.

Member of the Audit Committee
Member of the Corporate Governance & Nominating Committee

Holdings: 11,440 shares     View Transactions

Date	Type	Shares Traded	Price Range
Nov 28, 2011	Buy	1,000	20.34
Mar 7, 2011	Acquisition (Non Open Market)	2,300	23.91
Apr 1, 2010	Acquisition (Non Open Market)	2,019	n/a
May 29, 2009	Buy	1,000	23.45
Apr 2, 2009	Acquisition (Non Open Market)	1,830	n/a
Apr 4, 2008	Acquisition (Non Open Market)	1,492	n/a
Jul 2, 2007	Acquisition (Non Open Market)	233	n/a
Apr 4, 2007	Acquisition (Non Open Market)	1,566	n/a
Apr 17, 2006	Statement of Ownership	0	n/a

William A Robbie CPA

Director

Mr. Robbie became a Director in February 2009 upon the completion of the merger of CastlePoint Holdings, Ltd. into the Company. Prior to joining the Company's Board of Directors, he served as a member of CastlePoint's Board of Directors and chairman of its Audit Committee from January 2006 until February 2009. From 2004 through 2009, he provided financial and corporate governance advisory services to the insurance industry through his own consulting firm. Mr. Robbie was Chief Financial Officer of Platinum Underwriters Reinsurance Ltd., a property and casualty reinsurance company in Bermuda, from 2002 to 2004 with responsibility for that company's finance, claims and IT functions. He was the lead financial team member in the initial public offering of Platinum Underwriters Reinsurance Ltd., which became a separate public company from St. Paul Reinsurance, Inc. where he held the same position from August 2002 to November 2002. From 1997 to 2002, Mr. Robbie held various positions at XL Capital Ltd., a Bermuda-based insurance, reinsurance and financial risk company, and its subsidiaries, including Executive Vice President of Global Services, Senior Vice President and Corporate Treasurer, and Chief Financial and Administrative Officer of XL Re, Ltd., with responsibility for that company's finance, claims, IT, human resources, business processing and administration functions. Prior to that, he held a variety of senior positions in the insurance industry, including roles as Chief Financial Officer of Prudential AARP Operations, Chief Accounting Officer at Continental Insurance Companies, Treasurer of Monarch Life Insurance Company and various positions at Aetna Life and Casualty Company. From 2005 to 2008, Mr. Robbie was a director and chairman of the Audit Committee of American Safety Insurance Company, Ltd. Mr. Robbie is a Certified Public Accountant. Mr. Robbie received his B.A. from St. Michael's College and his Master of Accounting and M.B.A. from Northeastern University.

The Board of Directors believes that Mr. Robbie possesses the experience, qualifications, attributes, and skills necessary to serve on the Board because of his more than 30 years of relevant industry-related experience in finance, including serving as Chief Financial Officer of insurance and reinsurance companies, and his extensive background in accounting and business administration.

Member of the Audit Committee
Member of the Investment Committee

Steven W. Schuster

Director

Mr. Schuster has served on the Board of Directors of the Company since 1997. Mr. Schuster has been engaged in the practice of corporate law for over 25 years and is co-chair of McLaughlin & Stern LLP's corporate and securities department, where he has been a partner since 1995. Mr. Schuster received his B.A. from Harvard University in 1976 and his J.D. from New York University in 1980.

The Board of Directors believes that Mr. Schuster possesses the experience, qualifications, attributes, and skills necessary to serve on the Board because of his more than 25 years of relevant corporate and securities legal and transactional experience and his extensive knowledge of the Company and its business.

Member of the Compensation Committee
Chair of the Corporate Governance & Nominating Committee
Member of the Investment Committee

Holdings: 9,321 shares     View Transactions

Date	Type	Shares Traded	Price Range
Mar 7, 2011	Acquisition (Non Open Market)	2,300	23.91
Jun 30, 2010	Disposition (Non Open Market)	3,501	21.71 - 21.73
Apr 1, 2010	Acquisition (Non Open Market)	2,019	n/a
Mar 26, 2009	Sell	2,000	24.12 - 24.15
Mar 2, 2009	Acquisition (Non Open Market)	1,830	24.15
Apr 4, 2008	Acquisition (Non Open Market)	1,492	n/a
Jul 2, 2007	Acquisition (Non Open Market)	233	n/a
Jun 22, 2007	Acquisition (Non Open Market)	1,000	32.50
Apr 4, 2007	Acquisition (Non Open Market)	783	n/a
Mar 31, 2006	Acquisition (Non Open Market)	1,085	n/a

Robert S. Smith

Director

Mr. Smith became a Director in February 2009 upon the completion of the merger of CastlePoint Holdings, Ltd. into the Company. Prior to joining Tower's Board of Directors, Mr. Smith served as a member of CastlePoint's Board of Directors from January 2006 until February 2009. Mr. Smith is currently a principal of Sherier Capital LLC, a business advisory firm that he founded in 2005, and a Managing Director of National Capital Merchant Banking, LLC, an investment firm that he joined in April 2008. He was previously Chief Operating Officer (from December 1999 to April 2004) and Executive Vice-President (from April 2004 to August 2004) of Friedman, Billings, Ramsey Group, Inc., where he was instrumental, among other things, in growing Friedman, Billings, Ramsey Group, Inc. from a privately-held securities boutique to a nationally recognized investment bank, helping accomplish its 1997 initial public offering, the creation of an affiliated public company, FBR Asset Investment Corporation, and the merger of the two companies in 2003. Before joining Friedman, Billings, Ramsey Group, Inc. as its General Counsel, Mr. Smith was an attorney with the law firm of McGuireWoods LLP from 1986 to 1996. Mr. Smith received his LL.B. and Dip L.P. (graduate Diploma in Legal Practice) from Edinburgh University, and his LL.M. from the University of Virginia.

The Board of Directors believes that Mr. Smith possesses the experience, qualifications, attributes, and skills necessary to serve on the Board because of his more than 20 years of relevant experience including investment experience, service as a senior executive of a public company, experience in the public securities markets, and his corporate legal background.

Member of the Compensation Committee
Chair of the Investment Committee

Jan R. Van Gorder

Director

Mr. Van Gorder became a Director in February 2009, upon the completion of the merger of CastlePoint Holdings, Ltd. into the Company. Prior to joining the Company's Board of Directors, he served as a member of CastlePoint's Board of Directors from March 2007 until February 2009. Mr. Van Gorder was employed by Erie Insurance Group from November 1981 through December 2006. He held a variety of positions at that company, including Acting Chief Executive Officer from January 2002 to May 2002 and his most recent position as Senior Executive Vice-President, Secretary and General Counsel from December 1990 through December 2006. He served as a consultant and acting Secretary and General Counsel at Erie Insurance Group during the period January 1, 2007 through May 12, 2007. Mr. Van Gorder served as a member of the board of directors of Erie Indemnity Company, Erie, Pennsylvania, from 1990 to 2004. Mr. Van Gorder has also served as a Director and Chairman of the Insurance Federation of Pennsylvania. Mr. Van Gorder received a B.A in International Relations from the University of Pennsylvania in 1970 and a J.D. from Temple University School of Law in 1975.

The Board of Directors believes that Mr. Van Gorder possesses the experience, qualifications, attributes, and skills necessary to serve on the Board because of his more than 25 years of relevant insurance industryrelated legal and business experience, including serving as General Counsel of a public insurance company, and his years of service on various insurance-related boards of directors.

Member of the Compensation Committee
Member of the Corporate Governance & Nominating Committee

Austin P. Young III, CPA

Director

Mr. Young, a Director since 2004, currently serves as a Director and the Chairman of the Audit Committee of Administaff, Inc. and Amerisafe, Inc. Previously, he served as Senior Vice President, Chief Financial Officer and Treasurer of CellStar Corporation from 1999 to December 2001, when he retired. Before joining CellStar Corporation, he served as Executive Vice President — Finance and Administration of Metamor Worldwide, Inc. from 1996 to 1999. Mr. Young also held the position of Senior Vice President and Chief Financial Officer of American General Corporation for over eight years. He was a partner in the Houston and New York offices of KPMG Peat Marwick where his career spanned 22 years before joining American General Corporation. He holds an accounting degree from the University of Texas and is a Texas and New York State licensed Certified Public Accountant. He is also a member of the Houston and State Chapters of the Texas Society of Certified Public Accountants, the American Institute of Certified Public Accountants and Financial Executives International.

The Board of Directors believes that Mr. Young possesses the experience, qualifications, attributes, and skills necessary to serve on the Board because of his more than 45 years of relevant experience in the financial and accounting fields, his years of service on various boards of directors and audit committees, and his extensive knowledge of the Company and its business.

Chair of the Audit Committee
Member of the Investment Committee

Holdings: 15,822 shares     View Transactions

Date	Type	Shares Traded	Price Range
Mar 7, 2011	Acquisition (Non Open Market)	2,300	23.91
Apr 1, 2010	Acquisition (Non Open Market)	2,019	n/a
Apr 2, 2009	Acquisition (Non Open Market)	1,830	n/a
Apr 4, 2008	Acquisition (Non Open Market)	1,492	n/a
Jul 2, 2007	Acquisition (Non Open Market)	233	n/a
Apr 4, 2007	Acquisition (Non Open Market)	783	n/a
Mar 31, 2006	Acquisition (Non Open Market)	1,085	n/a