GAINESVILLE, FL JUNE 9, 2015
Tower Hill Insurance Group is pleased to announce that A.M. Best Company has assigned an A- (Excellent) financial strength rating (FSR) to Tower Hill Prime Insurance Company. The outlook assigned to the rating is stable.
The carrier was incorporated in 1999 and commenced business as DeSoto Prime Insurance Company in April 2000. It was acquired by a Tower Hill holding company in March 2003, and later renamed Tower Hill Prime Insurance Company. Homeowners, rental property (dwelling fire) and commercial lines products are available through Florida-based Tower Hill Prime.
A.M. Best Company’s June 8, 2015 media release stated: “The ratings assigned to Tower Hill Prime reflect the company’s strong capitalization, long history as a writer of personal residential business in Florida, established relationships with an extensive network of agencies in its operating territories and expertise in the underwriting and servicing of personal property products.” Regarding Tower Hill’s exposure as a Florida carrier, A.M. Best determined, “The company’s property business exposure to weather-related catastrophe losses is significant; however, it is effectively mitigated through the use of extensive reinsurance that addresses severity and frequency.”
About Tower Hill: Founded in 1972, Tower Hill is the largest writer of single-family homeowners policies in Florida, based on policies in force as of December 31, 2014 (source: FLIBI). The company’s products are currently marketed exclusively through its network of insurance agencies throughout the state. Tower Hill offers homeowners, mobile homeowners, rental property (dwelling fire), condominium, renters, commercial and flood coverage.
The company's corporate headquarters is located in Gainesville, Florida. For more information about Tower Hill, visit www.THIG.com.