Tower Group International, Ltd. announced Tuesday that it plans to release its second-quarter 2013 financial results during the week of Oct. 7.
The announcement said the company does not expect to provide any information with respect to its results for the second quarter, including the amount of any adjustments for its estimates of loss reserves and amounts of goodwill, until it releases its earnings.
The insurance group’s August announcement that it would delay its 10-Q filing for the second quarter prompted shareholder investigations and the subsequent filing of a class action lawsuit.
In August, Tower did give some further guidance on potential numbers, saying that the company had retained an independent actuarial firm to review selected areas of the company’s loss reserves as of June 30, 2013, and that based upon available information, the company could record adverse reserve development of $60 million to $110 million pre-tax.
Despite the anticipated reserve strengthening, Tower added at the time that strong operating results from its Bermuda operations could result in overall operating earnings of between $.15 and $.20 per share at the low end of the reserve deficiency range. At the high end, or a charge of $110 million, the overall operating loss could be between $.80 and $.85 per share, Tower said in August.