Gary Maier, Tower Group International's executive vice president and chief underwriting officer, is resigning from those roles effective Oct. 4, according to a regulatory filing, which comes just days before the company is set to release its second-quarter earnings.Attempts to reach Tower representatives for comment were not immediately successful. Maier, who gave notice Sept. 24, has been with Tower since 2005, when he was made senior vice president and chief underwriting officer, according to a regulatory filing. Before joining Tower, he was chief underwriting officer at OneBeacon Insurance Group for New York and New Jersey and chief underwriting officer of commercial lines at Chubb Group of Insurance Co.'s mid-Atlantic region.
Maier's resignation comes as investors await the insurer's second-quarter results, which have been delayed as it reviews its loss reserves. The company previously said it could see before-tax adverse reserve development of $60 million to $110 million in the second quarter. Tower issued a notice Sept. 17 that it would release its second-quarter financial during the week of Oct. 7.
In postponing its second-quarter earnings release, Tower said its management needed additional time to review its loss reserves and allocation of goodwill and certain tax accounts, primarily due to the integration of Canopius Bermuda. Tower earlier this year merged with Canopius Bermuda.