New York-based insurer Tower Group Inc. said it will report a third-quarter loss from investments and Hurricane Ike totaling nearly $4 million.
The company said today that it does not expect the net effect of these items to have a material impact on its operating results for the third quarter of 2008.
Tower said it expects to record an other-than-temporary impairment and take a non-cash charge to earnings during the third quarter totaling $2.1 million, net of tax, for bonds issued by Lehman Brothers Holdings Inc. Tower added that it does not own any other Lehman securities.
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