US insurer lowers nine-month 2012 earnings by $3.1m
US insurer Tower Group has restated its profit for the first nine months of 2012 as $24m, down from the $27.1m originally reported.
The company restated its results following receipt of regulatory approval to merge with Canopius Holdings Bermuda, a unit of Lloyd’s insurer Canopius.
During a US Securities and Exchange Commission (SEC) review of the merger, Tower found that a $3.1m deferred tax item, which was originally recorded as a reduction in tax expense, should have been reported as a reduction to goodwill.
The company has now re-filed amended accounts with the SEC.