Tower Group Cuts Guidence on Unusually Severe Weather, Expects reduction of $0.13 per share.

Tower Group TWGP announced today that it expects to include in its second quarter earnings results $8 million in pre-tax charges from the unusually severe weather activity that occurred in April, May and early June 2011. Tower expects the weather-related losses will reduce its second quarter earnings by $0.13 per share. Tower expects 2011 operating earnings per share to be at the lower end of its previously announced range of $2.70 to $2.90.