A.M. Best Removes From Under Review With Negative Implications and Affirms Credit Ratings of TOWER Insurance Limited and TOWER Limited
The ratings reflect TIL’s balance sheet strength, which
On
Since then, the group has completed a capital raise of approximately
TIL’s balance sheet strength assessment is very strong, which is reflective of its conservative underwriting leverage, prudent reinsurance program and highly liquid investment portfolio. Despite the continued progress being made to finalize the outstanding claims for the
Excluding the impact associated with the
TIL predominantly operates in
While positive rating actions are unlikely, downward rating pressure could result if there is significant deterioration in TIL’s risk-adjusted capitalization or financial performance. Additionally, the ratings could be downgraded if there is material deterioration in the credit profile of TIL’s ultimate parent, TL.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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