When I last wrote about small insurance company Tower Group (TWGP)
back in January of this year, my faith in management was wavering after
management chose to compound the poorly-executed acquisition of
OneBeacon and successive reserve charges (that essentially revealed that
prior earnings and returns on equity had been overstated) with a risky
transformative merger. In the interim I lost what remaining faith I had
in management and sold my shares, and the company's ongoing issues with
reserves certainly erodes confidence in the company's future prospects
Please read more here:
Tower Group Goes From Bad To Worse To Almost Unbelievable
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