NEW YORK--(BUSINESS WIRE)--March 1, 2005--Tower Group, Inc. (NASDAQ: TWGP) today announced the appointment of Joseph P. Beitz to a newly created position as Managing Vice President, Program Underwriting, reporting to Michael H. Lee, Tower Group, Inc's President & Chief Executive Officer.
Mr. Beitz's primary responsibilities will be the production and management of new program opportunities for the company, which will be underwritten by its own insurance company and through other insurance companies for which its managing general agency produces premiums.
"We are very pleased with the establishment of the Programs Unit and the appointment of Joe Beitz as its head," commented Michael H. Lee, President & Chief Executive Officer of Tower Group, Inc. He further commented, "The establishment of our program capability compliments our regional distribution approach currently utilized to deliver a broad array of products to a wide network of wholesale and retail agents in a select geographical area. Our Programs Unit will allow us to gain access to established, highly focused and narrowly defined books of business that are distributed over a broader geographical area not accessible through our regional distribution approach. In addition, this program capability will enable us to add greater value to our agents by developing new program opportunities for classes of businesses which we either do not currently offer or have limited market penetration."
Tower will leverage its robust insurance company infrastructure that has extensive capabilities in the underwriting, claims, actuarial, operations and technology areas. In addition to providing these capabilities, the company also plans to assume a significant amount of risk on all of the programs that it plans to underwrite either by utilizing its own insurance company on a direct basis or by reinsuring other insurance companies for which its managing general agency produces premiums.
With 25 years of experience in the insurance and reinsurance industry, Mr. Beitz most recently served as President and Chief Operating Officer of NOVA Casualty Company in Buffalo, New York . In his role at NOVA Casualty Company, Mr. Beitz managed their program division through a subsidiary, NOVA Alternative Risk. Prior to that, Mr. Beitz served as Vice President, Non-Traditional Treaty Underwriting with Odyssey America Reinsurance in its Stamford, Connecticut and New York City offices. He also has six years of Property & Casualty experience in the Bermuda market.
Cautionary Note Regarding Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. This release or any other written or oral statements made by or on behalf of the Company may include forward-looking statements that reflect the Company's current views with respect to future events and financial performance. All statements other than statements of historical fact included in this release are forward-looking statements. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may," "will," "plan," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or their negative or variations or similar terminology. All forward-looking statements address matters that involve risks and uncertainties. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We believe that these factors include but are not limited to ineffectiveness or obsolescence of our business strategy due to changes in current or future market conditions; increased competition on the basis of pricing, capacity, coverage terms or other factors; greater frequency or severity of claims and loss activity, including as a result of natural or man-made catastrophic events, than our underwriting, reserving or investment practices anticipate based on historical experience or industry data; the effects of acts of terrorism or war; developments in the world's financial and capital markets that adversely affect the performance of our investments; changes in regulations or laws applicable to us, our subsidiaries, brokers or customers; acceptance of our products and services, including new products and services; changes in the availability, cost or quality of reinsurance and failure of our reinsurers to pay claims timely or at all; decreased demand for our insurance or reinsurance products; loss of the services of any of our executive officers or other key personnel; the effects of mergers, acquisitions and divestitures; changes in rating agency policies or practices; changes in legal theories of liability under our insurance policies; changes in accounting policies or practices; and changes in general economic conditions, including inflation and other factors. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
About Tower Group, Inc.
In operation since 1990, Tower Group, Inc. is headquartered in New York City and is the holding company for its two operating subsidiaries, Tower Insurance Company of New York, ("TICNY") and Tower Risk Management ("TRM"). TICNY, A.M. Best rated A- (Excellent), develops and delivers specialized commercial lines insurance products that provide property, liability, workers' compensation and automobile insurance to select markets not well served by other carriers. It also offers personal lines products that provide property and liability insurance to homeowners throughout New York State. TRM, a non-risk bearing insurance service company, offers managing general agency services to underwrite risks, adjust claims and negotiate reinsurance terms on behalf of other insurance companies. Tower Group, Inc. had total assets of $494 million as of December 31, 2004. Statutory surplus of TICNY was $126 million as of December 31, 2004.
For more information visit Tower's website at
CONTACT: Tower Group, Inc.
Andrew Colannino, 212-655-2107
SOURCE: Tower Group, Inc.