Tower Group, Inc. Provides Estimate of Losses from Unusually Severe Weather Activity in the Second Quarter
NEW YORK--(BUSINESS WIRE)--
Tower Group, Inc. (Nasdaq: TWGP) announced today that it expects to
include in its second quarter earnings results $8 million in pre-tax
charges from the unusually severe weather activity that occurred in
April, May and early June 2011. Tower expects the weather-related losses
will reduce its second quarter earnings by $0.13 per share. Tower
expects 2011 operating earnings per share to be at the lower end of its
previously announced range of $2.70 to $2.90.
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.
Tower's insurance services subsidiaries provide underwriting, claims and
reinsurance brokerage services to other insurance companies.
For more information visit Tower's website at http://www.twrgrp.com/
Executive Vice President and Chief Financial
Tower Group, Inc.
Source: Tower Group, Inc.
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