Announces Earnings Release and Conference Call Dates for Fourth
Quarter and Year-End Financial Results
NEW YORK -- (Business Wire)
Tower Group, Inc. (Nasdaq: TWGP) announced today that it plans to
release its fourth quarter and year-end 2012 financial results on Monday
February 25, 2013, after the market close. Tower will also host a
conference call and webcast to discuss these results on Tuesday,
February 26, 2013 at 9:00 a.m. ET. Michael Lee, President and Chief
Executive Officer, and Bill Hitselberger, Executive Vice President and
Chief Financial Officer, will lead the conference call.
This conference call will be broadcast live over the Internet. To access
a listen-only webcast over the Internet, please visit the Investor
Information section of Tower Group, Inc.'s website, www.twrgrp.com,
or use this link: http://investor.twrgrp.com/events.cfm.
Please access the website at least 15 minutes prior to the call to
register and to download any necessary audio software. If you are unable
to participate during the live conference call, a webcast will be
archived in the Investor Information section of Tower Group, Inc.'s
website at www.twrgrp.com.
Update on Superstorm Sandy Impact
Tower also announced that it expects its after-tax loss in the fourth
quarter of 2012 from Superstorm Sandy to be between $79 million and $81
million, an increase from the range of $55 million to $68 million that
the company announced on November 7, 2012. The increase is principally
due to approximately $6 million after-tax in higher estimated loss
adjustment expenses on Tower’s direct business, along with a $5 million
after-tax increase in the amount of storm losses covered under its
assumed reinsurance business and in certain of its alternative
investments. Through February 8, 2013, Tower has closed 89% of the
24,000 claims that its stock companies received as a result of
Superstorm Sandy. Tower received 99% of these claims prior to January
About Tower Group, Inc.
Tower Group, Inc. offers diversified property and casualty insurance
products and services through its operating subsidiaries.
Our Commercial Insurance Segment offers a broad range of commercial
lines property and casualty insurance products to small to mid-sized
businesses distributed through a network of retail, wholesale and
program underwriting agents on both an admitted and non-admitted basis.
This segment also provides reinsurance, primarily on a quota share
basis, to other insurance providers.
Our Personal Insurance Segment offers a broad range of personal lines
property and casualty insurance products to individuals distributed
through a network of retail and wholesale agents.
Our Insurance Services Segment provides underwriting, claims and
reinsurance brokerage services to insurance companies.
For more information visit Tower's website at http://www.twrgrp.com/.
Tower Group, Inc.
Bernie Kilkelly, 212-655-8943
President, Investor Relations
Source: Tower Group, Inc.
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