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.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Gilead Sciences (GILD) Misses Q1 EPS by 288c
• Skechers USA (SKX) Tops Q1 EPS by 23c, Beats on Revenue; Offers FY24 Guidance
• Macatawa Bank (MCBC) Misses Q1 EPS by 1c