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Tower Group International, L.Ş. Message Board

  • selllowtome selllowtome Dec 31, 2013 7:43 AM Flag

    3Q13 statements??

    Where are Tower's statutory financial statements for the third quarter that were anticipated by year-end? Why the optimism without them?

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    • They are quite late on both statutory and GAAP statements for the 3rd quarter and their history is to pick a date in the future to promise them by and then miss that by a long time. Clearly not the actions of a company confident in its future. I do not claim to understand the short term manipulations of stock, especially of mortally wounded companies, so I do not know why the sudden "optimism" but unless they finally found a buyer, and it leaked to some with powerful interests, this is only a short term phenom in my opinion. There is nothing in their actions or their talk that would indicate this is a viable company going forward unless the regulators would allow them to sell the profitable portion of their business (warranty) and then show extreme disciple for about 5 years to fix the problem. The insurance market is not helping them.

      • 1 Reply to hearnthar
      • Oops, got the wrong company. This does not have warranty, so that is not even an option, so strike that. They just need to dump well over half their business but keep the good stuff and adequate prices for about 5 years and they may come back. Trouble is they have not a clue as to what good business is and the good guys actually don't want them as an insurance company. So the prospects for 2014 are about the same as my high school football team beating the Green Bay Packers in football.

    • They don't provide copies of the statutory financials on their web site as many insurance companies do. For all we know they were filed.

    • They will come at 11:59pm tonight.

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