Financial shares are mixed in today's pre-market session, taking
a breather from yesterday's sharp selloff as the government
shutdown continues to worry investors.
In stocks news, Tower Group International, Ltd. (
) is down 28% at new 51-week lows of $6.58 after Fitch has issued
an issuer default rating on the insurance holding company to B from
Separately, TWGP said has completed, with the assistance of its
independent actuarial consultants, a comprehensive review of the
company's loss reserves as of June 30, 2013. It will take a $215
million goodwill charge.
As a result of the review, the company expects to strengthen
loss reserves by approximately $365 million (approximately $185
million of which was attributable to its U.S. Insurance
subsidiaries), primarily for accident years 2009 through 2011 in
commercial insurance lines of business, including workers'
compensation, commercial multi-peril, commercial auto and other
And, MGIC Investment Corporation (
) today issued an Operational Summary of its insurance subsidiaries
for the month of September 2013 for their primary mortgage
insurance. The company wrote $2.5 billion in new business.
Copyright (C) 2013 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.