Tower Group, Inc. headquartered in New York City, offers property and casualty insurance products and services through its operating subsidiaries. Our subsidiaries include Tower Insurance Company of New York, Tower National Insurance Company, Preserver Insurance Company, Mountain Valley Indemnity Company, North East Insurance Company and Tower Risk Management Corporation. Tower's insurance companies are licensed to write business in states throughout the country.
By targeting select market segments and expeditiously delivering needed products and services, we position ourselves to obtain favorable policy terms, conditions and pricing, thereby creating opportunities for favorable underwriting results. We provide coverage for many different market segments, including non-standard risks that do not fit the underwriting criteria of standard risk carriers due to factors such as type of business, location and premium per policy. We provide commercial lines products comprised of commercial package, general liability, workers' compensation and commercial auto policies to businesses such as retail and wholesale stores, grocery stores, restaurants, artisan contractors and residential and commercial buildings. We also provide personal lines products that insure modestly valued homes and dwellings.
We utilize a hybrid business model under which we generate commission and fee income by transferring significant premiums to quota share reinsurers as well as producing business for other insurance companies (which we refer to as "issuing companies"). This business model has allowed us to create and support a much larger premium base and more highly developed infrastructure than otherwise would have been possible with our capital base.
