Tower Group International says filed financial statements for the years 2011 and 2012 cannot be relied upon and because of “inadvertent mistakes.”
Last month Tower said it strengthened 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 company then dove in to review its reserve analyses.
Tower says it has reached the conclusion that “material weaknesses exist in internal control over financial reporting related to the company's loss reserving and premiums receivable reconciliation processes.”
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