Three property-casualty insurance companies with Gainesville, Fla.-based Tower Hill have been downgraded, A.M. Best Co. announced.
The action made public Monday changes the financial strength rating of Tower Hill Prime Insurance Company and Tower Hill Preferred Insurance Company, each downgraded from "A-minus" to "B." Omega Insurance Company was downgraded from "B-double-plus" to "B." Tower Hill Select Insurance Company remained nonrated "NR-2."
Tower Hill called the action a "direct reflection of the current Florida property insurance market."
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