COLUMBUS, Ohio, May 31, 2022 /PRNewswire/ — With the development and implementation of a revised strategic plan, Tower Hill Insurance Group will cease writing business into Tower Hill Preferred Insurance Company and Tower Hill Signature Insurance Company. One step in the strategic plan was to voluntarily withdraw Financial Stability Ratings® (FSRs) of A, Exceptional effective May 31, 2022.
Tower Hill is excited about the opportunities Exchange offers to agents and customers. Transitioning to the reciprocal insurer business model affords continued growth through increased capacity. As they celebrate their 50th anniversary, they remain dedicated to the Florida market, their agency partners and customers.
Demotech's President and co-founder Joseph Petrelli noted, “Tower Hill Insurance Group is a thought leader focused on being responsive to consumers and producers. We look forward to continuing our relationship as they move forward with Tower Hill Insurance Exchange and Tower Hill Prime Insurance Company. Exchange and Prime retain the FSRs affirmed earlier this year. Furthermore, Tower Hill has provided definitive accommodations to all Tower Hill Preferred and Tower Hill Signature policyholder claims.”
Demotech, Inc. was the first firm to review independent, regional and specialty insurers, 1989. More recently, we were the first to call for a special session on Florida's property insurance marketplace. Since 1985, Demotech has served the industry by assigning accurate, reliable, and proven Financial Stability Ratings® to Property & Casualty insurers and Title underwriters. Demotech's philosophy is to review and evaluate insurers based on their area of focus and execution of their business model rather than solely on financial size. Visit www.demotech.com for additional information.
Founded in 1972, Tower Hill Insurance is a leader among residential and commercial property insurers in the Southeast. Financial strength, product expertise, a comprehensive reinsurance program, and exceptional claims service are core business strategies of the organization.
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SOURCE Demotech, Inc.