Best Downgrades Ratings of Tower Hill Prime Insurance of Florida December 11, 2020
AM Best has downgraded the Financial Strength Rating (FSR) to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” from “a-” of Tower Hill Prime Insurance Co., headquartered in Gainesville, Fla.
The outlook of the FSR has been revised to stable from negative, while the outlook of the Long-Term ICR is negative.
Best said the ratings reflect Tower Hill Prime’s balance sheet strength, which AM Best categorizes as very strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management (ERM).