Downside play in Tower Group

A large trade is looking at the potential for more downside in insurance firm Tower Group International.

optionMONSTER’s Depth Charge system detected the purchase of 4,950 October 2 puts this morning in one print for $0.25. This is a new position, as the volume is above the strike’s previous open interest.

These puts aren’t tied to any trading in the underlying stock identified by our scanners so far today. They could have been bought as an outright bearish play or as a protective hedge on long shares.

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