TWGP Notes:

EPS Release 11/6/09 (Q3)

• Net income $16.7mil versus 14.4 mil (0.79 per share vs 0.62 – up 27%)

• Gross premiums $203.1 mil up 34.4%

• Commission and fees 37.0 mil up 26.2%

• ROE up 23.17 versus 19.6% last year

• Growth strategy focused on territorial expansion as well as disciplined underwriting strategy

• Acquisitions of Castlepoint holdings and hermitage insurance group on track

• Total revenue $130.7 mil up 16.7%

• Challenges on investment capital – 12 securities (corporate bonds and residential MBS realized loss of $5.6 mil

• 2008 expects Q4 EPS $0.80 to 0.85 and FY 2.85-2.90

• 2009 guiding EPS $3.20-3.40

IBD 12/30/09

• Niche takes more work but doesn’t have same problems as larger competitors

• Pricing holding up well for small client focus

• Tower makes acquisitions to get capital (instead of selling stock or going deep into debt)

• Balance sheet strong and well positioned to support future growth

IBD 1/5/09

• Rise in Q3 earnings of 27%

• Niche is small and midsize businesses in NYXC

• Pricing strong despite challenges in PC insurance segments

• Making 2 acquisitions to increase geographical footprint

• Wholesale market in TX, CA and FL – license in 11 states