Tower Group International (TWGP) 8-K Regulation FD Disclosure

Exhibit 99.2

Tower Group, Inc.

Schedule of Adjusted Segment Results of Operations

Commercial Insurance & Personal Insurance Combined

	Year ended			Three-months ended												Year ended
	December 31,			March 31,			June 30,			September 30,			December 31,			December 31,
($ in millions)	2009			2010			2010			2010			2010			2010
Revenues
Premiums earned
Gross premiums earned	$	1,046,260		$	321,819		$	320,936		$	441,920		$	434,963		$	1,519,638
Less: ceded premiums earned		(191,549	)		(53,773	)		(47,970	)		(63,140	)		(62,086	)		(226,969	)
Net premiums earned		854,711			268,046			272,966			378,780			372,877			1,292,669
Ceded commission revenue		43,937			10,188			8,453			10,916			8,511			38,068
Policy billing fees		2,944			771			1,010			1,895			2,579			6,255
Total revenue		901,592			279,005			282,429			391,591			383,967			1,336,992
Expenses
Loss and loss adjustment expenses
Gross loss and loss adjustment expenses		566,762			196,950			190,279			265,767			231,424			884,420
Less: ceded loss and loss adjustment expenses		(91,265	)		(27,613	)		(30,412	)		(34,303	)		(8,069	)		(100,397	)
Net loss and loss adjustment expenses		475,497			169,337			159,867			231,464			223,355			784,023
Underwriting expenses
Direct commission expenses		202,858			57,923			58,551			81,050			68,572			266,096
Other underwriting expenses		142,749			50,003			48,788			66,832			73,797			239,420
Total underwriting expenses		345,607			107,926			107,339			147,882			142,369			505,516
Underwriting profit	$	80,488		$	1,742		$	15,223		$	12,245		$	18,243		$	47,453
Key Measures
Premiums written
Gross premiums written	$	1,070,716		$	283,249		$	331,662		$	447,600		$	433,860		$	1,496,371
Less: ceded premiums written		(184,527	)		(35,956	)		(39,220	)		(57,938	)		(49,193	)		(182,307	)
Net premiums written	$	886,189		$	247,293		$	292,442		$	389,662		$	384,667		$	1,314,064
Calendar Year Loss Ratio
Gross		54.2	%		61.2	%		59.3	%		60.1	%		53.2	%		58.2	%
Net		55.6	%		63.2	%		58.6	%		61.1	%		59.9	%		60.7	%
Underwriting Expense Ratios
Gross		32.8	%		33.3	%		33.1	%		33.0	%		32.1	%		32.9	%
Net		35.0	%		36.2	%		35.9	%		35.7	%		35.2	%		35.7	%
Combined Ratio
Gross		87.0	%		94.5	%		92.4	%		93.1	%		85.3	%		91.1	%
Net		90.6	%		99.4	%		94.5	%		96.8	%		95.1	%		96.4	%

Tower Group, Inc.
Schedule of Adjusted Segment Results of Operations
Commercial Insurance Segment Information

	Year ended			Three-months ended												Year ended
	December 31,			March 31,			June 30,			September 30,			December 31,			December 31,
($ in thousands)	2009			2010			2010			2010			2010			2010
Revenues
Premiums earned
Gross premiums earned	$	887,420		$	278,628		$	274,101		$	272,376		$	271,610		$	1,096,715
Less: ceded premiums earned		(149,203	)		(45,197	)		(43,958	)		(34,791	)		(31,754	)		(155,700	)
Net premiums earned		738,217			233,431			230,143			237,585			239,856			941,015
Ceded commission revenue		39,355			9,142			9,428			9,239			4,189			31,998
Policy billing fees		2,215			580			710			720			732			2,742
Total revenue		779,787			243,153			240,281			247,544			244,777			975,755
Expenses
Loss and loss adjustment expenses
Gross loss and loss adjustment expenses		486,894			162,590			174,919			172,909			164,633			675,051
Less: ceded loss and loss adjustment expenses		(80,166	)		(26,830	)		(29,151	)		(24,542	)		(5,206	)		(85,729	)
Net loss and loss adjustment expenses		406,728			135,760			145,768			148,367			159,427			589,322
Underwriting expenses
Direct commission expenses		174,105			50,005			50,711			52,585			38,050			191,351
Other underwriting expenses		114,825			40,864			41,501			40,124			32,659			155,148
Total underwriting expenses		288,930			90,869			92,212			92,709			70,709			346,499
Underwriting profit	$	84,129		$	16,524		$	2,301		$	6,468		$	14,641		$	39,934
Key Measures
Premiums written
Gross premiums written	$	884,676		$	247,512		$	279,767		$	279,146		$	277,407		$	1,083,832
Less: ceded premiums written		(153,814	)		(28,075	)		(34,882	)		(25,951	)		(7,662	)		(96,570	)
Net premiums written	$	730,862		$	219,437		$	244,885		$	253,195		$	269,745		$	987,262
Calendar Year Loss Ratio
Gross		54.9	%		58.4	%		63.8	%		63.5	%		60.6	%		61.6	%
Net		55.1	%		58.2	%		63.3	%		62.4	%		66.5	%		62.6	%
Underwriting Expense Ratios
Gross		32.3	%		32.4	%		33.4	%		33.8	%		25.8	%		31.3	%
Net		33.5	%		34.8	%		35.7	%		34.8	%		27.4	%		33.1	%
Combined Ratio
Gross		87.2	%		90.8	%		97.2	%		97.3	%		86.4	%		92.9	%
Net		88.6	%		93.0	%		99.0	%		97.3	%		93.9	%		95.8	%

Tower Group, Inc.
Schedule of Adjusted Segment Results of Operations
Personal Insurance Segment Information

	Year Ended			Year ended December 31, 2010
	December 31,						Reciprocal
($ in thousands)	2009			Tower			Exchanges			Total
Revenues
Premiums earned
Gross premiums earned	$	158,840		$	308,925		$	113,998		$	422,923
Less: ceded premiums earned		(42,346	)		(51,062	)		(20,207	)		(71,269	)
Net premiums earned		116,494			257,863			93,791			351,654
Ceded commission revenue		4,582			4,019			2,051			6,070
Policy billing fees		729			3,213			300			3,513
Total revenue		121,805			265,095			96,142			361,237
Expenses
Loss and loss adjustment expenses
Gross loss and loss adjustment expenses		79,868			140,537			68,832			209,369
Less: ceded loss and loss adjustment expenses		(11,099	)		(8,038	)		(6,630	)		(14,668	)
Net loss and loss adjustment expenses		68,769			132,499			62,202			194,701
Underwriting expenses
Direct commission expenses		28,753			56,392			18,353			74,745
Other underwriting expenses		27,924			59,980			24,292			84,272
Total underwriting expenses		56,677			116,372			42,645			159,017
Underwriting profit	$	(3,641	)	$	16,224		$	(8,705	)	$	7,519
Key Measures
Premiums written
Gross premiums written	$	186,040		$	285,742		$	126,797		$	412,539
Less: ceded premiums written		(30,713	)		(62,112	)		(23,623	)		(85,735	)
Net premiums written	$	155,327		$	223,630		$	103,174		$	326,804
Calendar Year Loss Ratio
Gross		50.3	%		45.5	%		60.4	%		49.5	%
Net		59.0	%		51.4	%		66.3	%		55.4	%
Underwriting Expense Ratios
Gross		35.2	%		36.6	%		37.1	%		36.8	%
Net		44.1	%		42.3	%		43.0	%		42.5	%
Combined Ratio
Gross		85.5	%		82.1	%		97.5	%		86.3	%
Net		103.1	%		93.7	%		109.3	%		97.9	%

Tower Group, Inc.
Schedule of Adjusted Segment Results of Operations
Personal Insurance Segment Information

							Three-months ended									Three-months ended
	Three-months ended						September 30, 2010									December 31, 2010
	March 31.			June 30,						Reciprocal									Reciprocal
($ in thousands)	2010			2010			Tower			Exchanges			Total			Tower			Exchanges			Total
Revenues
Premiums earned
Gross premiums earned	$	43,191		$	46,835		$	113,590		$	55,954		$	169,544		$	105,309		$	58,044		$	163,353
Less: ceded premiums earned		(8,576	)		(4,012	)		(18,408	)		(9,941	)		(28,349	)		(20,066	)		(10,266	)		(30,332	)
Net premiums earned		34,615			42,823			95,182			46,013			141,195			85,243			47,778			133,021
Ceded commission revenue		1,046			(975	)		651			1,026			1,677			3,297			1,025			4,322
Policy billing fees		191			300			1,024			151			1,175			1,698			149			1,847
Total revenue		35,852			42,148			96,857			47,190			144,047			90,238			48,952			139,190
Expenses
Loss and loss adjustment expenses
Gross loss and loss adjustment expenses		34,360			15,360			51,899			40,959			92,858			38,918			27,873			66,791
Less: ceded loss and loss adjustment expenses		(783	)		(1,261	)		(3,452	)		(6,309	)		(9,761	)		(2,542	)		(321	)		(2,863	)
Net loss and loss adjustment expenses		33,577			14,099			48,447			34,650			83,097			36,376			27,552			63,928
Underwriting expenses
Direct commission expenses		7,918			7,840			20,162			8,303			28,465			20,472			10,050			30,522
Other underwriting expenses		9,139			7,287			18,985			7,723			26,708			24,569			16,569			41,138
Total underwriting expenses		17,057			15,127			39,147			16,026			55,173			45,041			26,619			71,660
Underwriting profit	$	(14,782	)	$	12,922		$	9,263		$	(3,486	)	$	5,777		$	8,821		$	(5,219	)	$	3,602
Key Measures
Premiums written
Gross premiums written	$	35,737		$	51,895		$	112,237		$	56,217		$	168,454		$	85,873		$	70,580		$	156,453
Less: ceded premiums written		(7,881	)		(4,338	)		(19,265	)		(12,722	)		(31,987	)		(30,628	)		(10,901	)		(41,529	)
Net premiums written	$	27,856		$	47,557		$	92,972		$	43,495		$	136,467		$	55,245		$	59,679		$	114,924
Calendar Year Loss Ratio
Gross		79.6	%		32.8	%		45.7	%		73.2	%		54.8	%		37.0	%		48.0	%		40.9	%
Net		97.0	%		32.9	%		50.9	%		75.3	%		58.9	%		42.7	%		57.7	%		48.1	%
Underwriting Expense Ratios
Gross		39.0	%		31.7	%		33.6	%		28.4	%		31.8	%		41.2	%		45.6	%		42.7	%
Net		45.7	%		36.9	%		39.4	%		32.3	%		37.1	%		47.0	%		53.3	%		49.2	%
Combined Ratio
Gross		118.6	%		64.5	%		79.3	%		101.6	%		86.6	%		78.1	%		93.6	%		83.6	%
Net		142.7	%		69.8	%		90.3	%		107.6	%		95.9	%		89.7	%		110.9	%		97.3	%