Tower Group financials News

Tower Group Reports SEC Has Launched Probe

Tower Group International Ltd., which is in the process of being acquired by ACP Re Ltd., reported that it had received a letter, dated Aug. 28, 2014, from the Securities and Exchange Commission (SEC) stating that the SEC is conducting …

Tower Group Receives Nasdaq Listing Warning

Tower Group International Ltd. said it has received a notification letter from Nasdaq stating that because it has not yet filed its Form 10-Q for the period ended June 30, 2014 with the Securities and Exchange Commission (SEC), Tower is …

Tower Group to Cut 140 Jobs After Q2 Loss Due to Reserve Charges

Tower Group International Ltd. is cutting about 140 jobs, or 10 percent of its workforce, after posting a second-quarter loss of more than $0.5 billion, with previously disclosed reserve and goodwill charges contributing to the result. The job cuts will …

Tower Restating Prior Financials; ‘Going Concern’ Status in Doubt

Tower Group International Ltd. announced Nov. 14 that it is restating previously filed audited annual consolidated financial statements for 2011 and 2012, which are contained in Tower’s March 31, 2013 10-K annual report for 2012. Such financial statements “should no …

Superstorm Sandy Delivers Q4 Blow to Tower Group

More than $80 million of after-tax net losses from Superstorm Sandy drove bottom-line red ink at New York-based Tower Group Inc., which reported a net loss of $52.1 million, or $1.36 per share, for the fourth quarter of 2012. For …