TOWERGROUP EXPANDS SECURITIES & INVESTMENTS PRACTICE WITH TWO NEW RESEARCH HIRES

NEEDHAM, MA, June 20, 2005 - TowerGroup today announced that it has expanded its Securities & Investments research practice with two new analyst hires. These professionals join practice vice president, Rob Hegarty, and his growing Securities & Investments research team in adding to the breadth and depth of insight offered to TowerGroup clients focused in the area of Investment Management. These additions also reinforce TowerGroup's prominence as a trusted advisor in the financial services research and advisory sector.

The new TowerGroup team members are:

- Peter Delano as a senior analyst in the TowerGroup Investment Management practice. In this role, Mr. Delano will focus on technology trends across the investment management market, including specific work on client servicing models and best practices, compliance technologies, and the increasingly complex relationships the buy-side has with distributors who sell its products. Mr. Delano brings 13 years of experience linking business needs and technology solutions. His roles have included Intranet/Internet development and oversight, call center management, mutual fund and retirement plan recordkeeping, process improvement, desktop and workflow tools, shareholder communications, and transfer agent operations. He spent five years at IXIS Asset Management Services and eight years that included roles at both Scudder and Putnam Investments. He also holds Series 6 and 63 registrations from the NASD.

- Matt Nelson as an analyst in the TowerGroup Investment Management practice. Mr. Nelson's research work will focus on portfolio accounting, position management, and related peripheral applications. He will also cover the analytics space - examining both the tools and the application of those tools to both traditional and nontraditional investment portfolios. Before joining TowerGroup in 2005, Mr. Nelson spent 10 years in the financial services industry, most recently focusing on performance analytics technology at Fidelity Investments and with the company's institutional cash management products.

Before that, Mr. Nelson worked with data management FT-Interactive Data and with the funds servicing business of Forum Financial Group (now part of CitiGroup). Mr. Nelson started his career with Dean Witter Reynolds.

"Both Peter and Matt bring additional real-life perspective to our Investment Management research service. They have significant on-the-ground experience in the industry, one of the hallmarks of a TowerGroup analyst, which gives them a first hand knowledge of both the growth and the challenges the sector has faced in recent years. We're confident that Peter and Matt will bring great insight and value to our clients. They've already hit the ground running," said Hegarty.

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