Florida’s Tower Hill Insurance Downgraded by A.M. Best; Tower Hill Responds

August 27, 2009

  • August 27, 2009 at 9:21 am
    Mr. Solvent says:
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    Tower Hill Insurance Group is not trying to write their way out of trouble the way POE did after the 2004 storm season. Still, this move is quite disturbing.

  • August 27, 2009 at 9:26 am
    JRR says:
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    This is all the government’s fault for what’s happening. Regulating the rates so Charlie can look good on the consumer’s eyes. If the companies could set their own rates they could collect the proper premium to keep the reinsurance and their financials at good standings. Get rid of Charlie and bring someone that fights for our industry the way it should……Alex Sink.

  • August 27, 2009 at 11:15 am
    Robert says:
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    Have no fear, I’m sure Demotech with step up with an A rating to preserve this carriers ability to write policies in Florida. As long as Charlie is running for office, everything will be ok….

  • August 27, 2009 at 12:15 pm
    Mr. Solvent says:
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    Demotech has always rated these companies and they maintain the A rating as of my last check today.

  • August 27, 2009 at 1:43 am
    Charley Crissed says:
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    A “D” reating is not good obviously. Many E&O carriers will exclude coverage should something financially go awry with Tower Hill. This means that some agencies with this restriction on their E&O will have to avoid Tower Hill. I wonder what impact that will have on Tower Hill. I also wonder who to beleive: Tower Hill or AM Best?

  • August 27, 2009 at 1:47 am
    Consumer says:
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    As a consumer, I would purchase coverage from Tower simply based on their understanding of the inherent weakness of the government reinsurance program (storm damage claims waiting for a bailout) and storm event projections.

    AM Best needs to rethink these “chicken little” standards and quit reacting to government pressures to downgrade carriers as the debate over Fed control heats up.

  • August 27, 2009 at 1:49 am
    Bob says:
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    I agree with Charley. I think my E&O carrier would have a lot to say about an agency retaining a “D” rated company in their agency. Just my opinion…

  • August 27, 2009 at 2:07 am
    saiai2001 says:
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    Good luck, at least in coastal counties, finding an admitted A.M. Best rated carrier offering homeowner coverage.

    Since THIG has requested withdrawal from the A.M. Best system they will not be considered “D” by A.M. Best…they will remain Demotech “A” rated like most every other company offering coverage in Florida.

    Having an agency relationship with THIG since before Hurricane Andrew I trust that they will be around long after most of the myriad of startup companies are rendered insolvent….and/or after the FHCF calls for a federal bailout.

  • August 27, 2009 at 2:26 am
    Independant Agency says:
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    Tower Hill is and will continue to be a Top Notch Insurance Carrier. From the CEO Bill Shively to Underwriters and CSR’s the Customer Service provided by Tower Hill is unsurpaced.

    This Independent Agency stands with Tower Hill. Christ and AM Best need a clue!

  • August 27, 2009 at 2:29 am
    GeoVera Fan says:
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    GeoVera Specialty Insurance Company is a non-admitted AM Best A- rated insurer writing throughout Florida through wholesalers. This company charges adequate rates and buys appropriate reinsurance to stay in solid financial shape – even when the wind blows.

    Cat business is their business.

    Personally, if I were an agent in FL I would be going non-admitted as much as possible to stay out of the state mess!



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