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8-K - FORM 8-K - Tower Group International, Ltd. | y90136e8vk.htm |
Exhibit 99.1
Tower Group, Inc. Announces Stock Repurchase Program
NEW YORK, March 4, 2011 Tower Group, Inc. (Nasdaq: TWGP) announced today that as part of Towers
capital management strategy, the Board of Directors approved on March 3, 2011 a $100 million share
repurchase program. This authorization is in addition to the $10.2 million still available under
the Companys previous $100 million share repurchase program authorized by the Board on February
26, 2010. Repurchases under the new program will be made following completion of the full
authorized share repurchase under the existing program. Purchases will be made from time to time in
the open market or in privately negotiated transactions in accordance with applicable laws and
regulations. The new program will expire on March 4, 2013. Based on todays closing stock price of
Tower common stock, the newly authorized repurchase would represent approximately 10% of
outstanding shares.
About Tower Group, Inc.
Tower Group, Inc. offers diversified property and casualty insurance products and services through
its operating subsidiaries. Its insurance company subsidiaries offer insurance products to
individuals and small to medium-sized businesses through its network of retail and wholesale agents
and specialty business through program underwriting agents. Towers insurance services subsidiaries
provide underwriting, claims and reinsurance brokerage services to other insurance companies.
For more information visit Towers website at
http://www.twrgrp.com/
http://www.twrgrp.com/
Contact Information:
Bill Hitselberger
Senior Vice President and Chief Financial Officer
Tower Group, Inc.
212-655-2110
bhitselberger@twrgrp.com
Bill Hitselberger
Senior Vice President and Chief Financial Officer
Tower Group, Inc.
212-655-2110
bhitselberger@twrgrp.com