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Friday, Sep 27
Insurance Insider: Tower hires 3 banks, seeking solutions to "reserving crisis"
- Tower Group (TWGP -15.5%) continue to plunge after Insurance Insider reported, citing sources, that the company had hired Barclays Capital, Bank of America, and JPMorgan to seek solutions to its "reserving crisis."
- Shares have fallen 50.4% since Sept. 17, when speculation arose that the company could take a reserve charger higher than the previously expected $60M-$110M .