There's a fine line between patient and stubborn, and I fear I'm inching near the wrong side when it comes to Tower Group (TWGP). Although this small and under-followed insurance company has a great deal of potential value lurking within, management seems hard-pressed to unearth it and financial performance has been shaky.
A Mixed Bag In Q4
Given the recent disappointments, there's some relief in Tower Group's fourth quarter earnings. Although gross written premiums were flat and below most expectations, organic growth was 6% on a better than 2% increase in premiums and an 88% retention rate. Likewise, net premiums written were down 1% from last year.
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Tower Group's Earnings: See The Value, Hope For The Execution?
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