Tower Group, Inc. Moves 11% Lower (TWGP)

Shares of Tower Group, Inc. TWGP are crashing lower this morning after the company announced Q4 earnings. The company said the EPS came in at $0.84 on revenues of $372.9 million. This compares to the Street estimates of $0.83 per share on revenues of $376.1 million. Revenues increased 59.9% year over year. For the full year, the net loss ratio was 60.7% compared to 55.6% in 2009. Book value per share is now $26.22, which is an increase of 12.3% since year end 2009. Shares are currently lower by 10.93%, trading at $24.21. Stock volume is running high, already turning over double the 10-day average daily volume; 0.5 million shares have traded. Tower Group, Inc., through its subsidiaries, offers a range of commercial, personal and specialty property and casualty insurance products and services to businesses in various industries and to individuals.