Tower Group International, Ltd. (NASDAQ:TWGP) ("Tower") announced today
that it received a notification letter from The Nasdaq Listing
Qualification Department ("Nasdaq") on August 14, 2014, stating that
because Tower has not yet filed its Form 10-Q for the period ended June
30, 2014 (the "10-Q") with the Securities and Exchange Commission
("SEC"), it was not in compliance with the continued listing
requirements under Nasdaq Listing Rule 5250(c)(1). This press release is
being issued in accordance with Nasdaq Listing Rule 5810(b).
The Nasdaq notice has no immediate effect on the listing or trading of
Tower's common stock on The Nasdaq Global Market. Under Nasdaq listing
rules, Tower has 60 days to submit a plan to Nasdaq to regain compliance
with the applicable listing rule. Tower currently expects to file the
10-Q with the SEC within approximately the next twenty days.
About Tower Group International, Ltd.
Tower Group International, Ltd. is a Bermuda-based global diversified
insurance and reinsurance holding company and is listed on the NASDAQ
Global Select Market under the symbol TWGP. Through our insurance and
reinsurane subsidiaries in the U.S. and Bermuda, collectively referred
to as Tower Group Companies, we deliver a broad range of commercial,
personal and specialty insurance products and services in the U.S. and
specialty reinsurance products globally through our distribution and
For more information, visit Tower's website at http://www.twrgrpintl.com.
Cautionary Note Regarding Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for forward-looking statements. This press release and any other
written or oral statements made by or on behalf of Tower may include
forward-looking statements that reflect Tower's current views with
respect to future events and financial performance. All statements other
than statements of historical fact included in this press release are
forward-looking statements. Forward-looking statements can generally be
identified by the use of forward-looking terminology such as "may,"
"will," "plan," "expect," "project," "intend," "estimate," "anticipate,"
"believe" and "continue" or their negative or variations or similar
terminology. All forward-looking statements address matters that involve
risks and uncertainties. Accordingly, there are or will be important
factors that could cause the actual results of Tower to differ
materially from those indicated in these statements. Please refer to
Tower's filings with the SEC, including among others Tower's Annual
Report on Form 10-K for the year ended December 31, 2013 and subsequent
filings on Form 10-Q, for a description of the important factors that
could cause the actual results of Tower to differ materially from those
indicated in these statements. Forward-looking statements speak only as
of the date on which they are made, and Tower undertakes no obligation
to update publicly or revise any forward-looking statement, whether as a
result of new information, future developments or otherwise.
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