RenRe support keeps Tower Hill upright
KBRA has affirmed the following insurance financial strength ratings of the insurance subsidiaries of the Tower Hill Insurance Group: A- for Tower Hill Prime Insurance Company (TH Prime) and BBB+ for Tower Hill Preferred Insurance (TH Preferred), Tower Hill Signature Insurance (TH Signature), and Tower Hill Insurance Exchange (THIE).
The Outlook for all ratings is Stable.
Subsequently, at the request of Tower Hill, KBRA withdraws the ratings of TH Preferred and TH Signature.
Tower Hill’s ratings reflect its well-integrated operating model, sound capitalisation, prudent catastrophe management, and broad distribution relationships across various channels.
The group’s sound capital position has benefited from ongoing capital contributions from its owners and affiliated MGA.
Additionally, the majority owner and Tower Hill’s joint venture partner, Renaissance Re, continue to provide financial and operational support as well as underwriting expertise and risk management solutions.
KBRA views Tower Hill’s investment portfolio as conservative and notes that its premium leverage is below most Florida regional peers.
Moreover, the organisation’s distribution relationships are broad and well-established, including affiliates of well-recognised national direct writers as well as online agencies.