Fitch Ratings has downgraded Tower Group International's issuer default rating to CC from B, and downgraded Tower's operating subsidiaries' insurer financial strength ratings to B from BB.
According to Fitch, the CC rating means it feels a company has “very high levels of credit risk.
The decision was triggered by the Bermuda-based company's third quarter 2013 statutory financial statement filings and recent GAAP disclosures, in which it disclosed that it has added an additional $75 million to $105 million in reserve charges. This is on top of the $364 million previously taken in the first half of 2013.
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