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A.M. Best Co. downgrades ratings of three Tower Hill Insurance Group property insurers

By Times Staff Writer
Posted: Aug 26, 2009 06:31 PM 

A.M. Best Co. on Wednesday said it has downgraded the financial strength ratings of three property insurers associated with Gainesville-based Tower Hill Insurance Group from B (Fair) to D (Poor).

The ratings agency also said Tower Hill management asked A.M. Best to remove the companies from its interactive rating process.

A.M. Best said it was concerned about the companies’ hurricane exposure and whether they had sufficient reinsurance to handle claims from a severe hurricane.

The three companies are Tower Hill Preferred Insurance Co., Tower Hill Prime Insurance Co., and Omega Insurance Co. 

[Last modified: Aug 26, 2009 06:45 PM]