A.M. Best Co. has assigned a financial strength rating of A- (Excellent) and issuer credit rating of "a-" to CastlePoint Florida Insurance Company (CFIC) of Ft. Lauderdale. The ratings reflect the explicit support provided by its parent, CastlePoint Insurance Company, in the form of a 90 percent quota share reinsurance agreement. CPIC is ultimately owned by Tower Group, Inc.
CFIC, which received a Florida certificate of authority in February, is expected to write small to medium-sized workers' compensation and commercial automobile insurance. This business had previously been written by a third party fronting carrier and assumed by CPIC.
