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AM Best Downgrades Issuer Credit Rating of Tower Hill Prime Insurance Company
April 8, 2021 GMT
OLDWICK, N.J. (BUSINESS WIRE) Apr 8, 2021
AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb” from “bbb+” and affirmed the Financial Strength Rating (FSR) of B++ (Good) of Tower Hill Prime Insurance Company (Tower Hill Prime) (Gainesville, FL). The outlook of the FSR has been revised to negative from stable, while the outlook of the Long-Term ICR is negative.
The Credit Ratings (ratings) reflect Tower Hill Prime’s balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management (ERM).
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COLUMBUS, Ohio, March 12, 2021 /PRNewswire/ Given the impact of the extraordinary number of natural disasters in 2017, Demotech published a special issue of The Demotech Difference to discuss the impact of disasters on the industry. Strength Through the Storm focused on promises made and promises kept, featuring the resiliency of Demotech rated carriers. An electronic copy is at: www.demotech.com/pdfs/demotech difference/flexpaper/Strength Through The Storm/index.html.
As bad as 2017 was, the natural disasters that property insurers faced in 2018, 2019, and 2020 made 2017 look like a walk in the park. The six more infamous events of 2018 were the Montecito mudslides, Camp Fire and Woolsey Fire in California, Hurricane Florence, Hurricane Michael, and the flooding in Ellicott City, Maryland.
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