Tower Group (TWGP) Sees $50M - $60M in Q311 Losses, Estimates Impact to EPS

Tower Group, Inc. (Nasdaq: TWGP) expects to include in its third quarter earnings results between $50 million and $60 million in pre-tax charges from homeowners and commercial property losses related to Hurricane Irene and unusually severe weather activity that occurred in the Northeast United States immediately preceding and following the hurricane.

Tower expects the catastrophe and severe weather-related losses will reduce its third quarter earnings per share by $0.80 to $0.95.

The Street is currently looking for EPS of $0.73.

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