HAMILTON, Bermuda--(BUSINESS WIRE)--Tower Group International, Ltd. (NASDAQ: TWGP) today announced that it is postponing the release of its financial results for the second quarter of 2013 and its previously announced conference call to discuss the results, originally scheduled for August 8, 2013.
The Company stated that management concluded that additional time is needed to review matters relating to the estimate of its loss reserves and, primarily due to the integration of the Canopius Bermuda merger, its allocation of goodwill and certain tax accounts. The Company is working to resolve these matters with the assistance of outside professionals. The Company cannot currently predict the length of time of its review.
The Company noted that, as a result of these matters, it expects to file a Form 12b-25 (Notification of Late Filing) with the United States Securities and Exchange Commission, as it does not expect to file its report on Form 10-Q for the quarter ended June 30, 2013 by the required filing date of August 9, 2013.
About Tower Group International, Ltd.
Tower Group International, Ltd. is a Bermuda-based global diversified insurance and reinsurance holding company and is listed on the NASDAQ Global Select Market under the symbol TWGP. Our U.S. insurance subsidiaries are rated A- (Excellent) by A.M. Best. Through our insurance and reinsurance subsidiaries in the U.S. and Bermuda, collectively referred to as Tower Group Companies, we deliver a broad range of commercial, personal and specialty insurance products and services in the U.S. and specialty reinsurance products globally through our distribution and underwriting partners.
For more information, visit Tower's website at http://www.twrgrpintl.com.