As we noted in our earnings release, in October 2010, the Financial Accounting Standards Board issued new guidance concerning the accounting per cost associated with acquiring or renewing insurance contracts. We have adopted this guidance effective January 1, 2011, and have therefore adjusted our previously issued financial information. Adoption of this guidance reduced the carrying value of our deferred acquisition costs as of December 31, 2010, by $78.7 million, and Tower Group Inc.'s stockholders equity by $42.6 million. Diluted earnings per share for the first quarter 2010 were reduced by $0.09 as a result of this change in accounting. A replay of this call will be on the Tower website immediately following the call. With that, I'd like to turn the call over to Michael.Michael Lee
Tower Group's CEO Discusses Q1 2011 Results - Earnings Call Transcript
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