Tower Group International has fired PricewaterhouseCoopers as its accounting firm, six months after announcing it would restate previously filed financial statements for 2011 and 2012 due to “inadvertent mistakes.” The move comes in the wake of Tower’s disclosure late last …
A.M. Best Co. has placed under review with developing implications the financial strength rating of ‘A-‘ (Excellent) and issuer credit rating of “a-” of Delaware-based Canopius US Insurance, Inc. The action is also somewhat related to Best’s rating actions on …
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 …
Rating agencies have downgraded Tower Group following the insurer’s announcement of loss reserve and goodwill charges in excess of what was expected. Tower has said that the company’s board of directors is reviewing a range of strategic options with its …
After two property/casualty insurers—Tower Group International Ltd. and Meadowbrook Insurance Group—said they would delay scheduled Securities and Exchange (SEC) filings last week, law firms set the wheels in motion for potential shareholder actions. Last Thursday, Tower Group postponed its second-quarter …
