Skip to content
Subscriber Only

Tower Group Tumbles as Insurer Reports Reserve Shortfall

Tower Group International Ltd., the insurer cutting 10 percent of its workforce as it seeks to recover from losses, tumbled in New York trading after saying it may need to add as much as $105 million to reserves.

Tower dropped 30 percent to $2.74 at 4 p.m. in New York. The stock had plunged 75 percent this year before today as Bermuda-based Tower delayed reporting financial results so it could assess reserve shortfalls.