Tower Group says it expects an after-tax net loss from Superstorm Sandy of between $55 million and $68 million next quarter.
During a Nov. 8 conference call to discuss the company's third-quarter earnings, CEO Michael L. Lee says he expects Sandy to “easily cause the largest catastrophic event [in Tower's] history.”
Lee says Sandy will be an earnings event for Tower, not a capital event—and it could mean improved personal lines market conditions since “many companies face substantial losses from this event,” says Lee.
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