Tower Group cuts Q3 EPS due to severe weather
Property and Casualty insurer Tower Group (NASDAQ:TWGP) reported Monday that it expects around $50 to $60 million in pre-tax charges in its third quarter from homeowners and commercial property losses related to Hurricane Irene.
Shares of Tower Group dropped 46 cents, or 2.01%, to $22.40 Monday afternoon on the Nasdaq.
Tower, based in New York, said that it expects the catastrophe and severe weather-related losses will eat into its earnings on a per share basis between 85 cents to 95 cents.
Analysts, on average, anticipate earnings of 73 cents a share, according to Bloomberg.
The insurer plans to release its third-quarter earnings report on Nov. 7, after markets close.
Tower provides personal and commercial insurance for small to medium-sized businesses through its network of retail and wholesale agents across the country.
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