AM Best downgrades ICR of Tower Hill citing ‘surplus erosion’
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AM Best downgrades ICR of Tower Hill citing ‘surplus erosion’

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AM Best has downgraded the long-term issuer credit rating (ICR) of Floridian insurer Tower Hill Prime Insurance Company to bbb from bbb+, and revised its outlook for the carrier’s financial strength rating (FSR) from negative to stable.

The ratings agency affirmed Tower Hill’s B++ FSR, while the outlook for the insurer’s long-term ICR is negative.

In its note to the market, AM Best said its action reflects the carrier’s “further surplus and ongoing difficulty in organically growing...

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