Tower Group International says it needs to strengthen loss reserves by about $365 million for accident years 2009-2011, resulting in an impairment charge of $215 million for the second quarter.
The Hamilton, Bermuda-based says about $185 million is attributable to U.S. subsidiaries.
The deposit bolster reserves in commercial lines, including workers' compensation, commercial property, commercial auto and other liability lines, due to “adverse loss emergence, coupled with changes in judgment, including actuarial factors,” says Tower in a statement.
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