GAINESVILLE, Fla., May 27, 2022 /PRNewswire/ -- With the launch of Tower Hill Insurance Exchange (Exchange) in January 2022 and the subsequent transfer of renewals this spring, Tower Hill Preferred and Tower Hill Signature Insurance Companies ceased accepting new business mid-February. As of May 16th, our renewals for these two carriers are rolling into Exchange.
With the cessation of business flowing into Tower Hill Preferred and Tower Hill Signature, the next step in our strategic plan is to voluntarily withdraw the Financial Stability Ratings® of A, Exceptional, assigned by Demotech, Inc. for these two companies effective May 31, 2022. We look forward to continuing our relationship with Demotech as we move forward with Exchange and Tower Hill Prime Insurance Company. As of May 31, Exchange and Tower Hill Prime will retain FSRs of A, Exceptional, from Demotech, which were affirmed on March 30, 2022, and April 11, 2022, respectively.
As Tower Hill Preferred and Tower Hill Signature wind down, they will be covered under Exchange's reinsurance program until all policies have rolled off. Additionally, all Tower Hill Preferred and Tower Hill Signature policyholder claims will be processed as usual.
At Tower Hill, we're excited about the opportunities Exchange offers to both our agents and customers. Especially for our agency partners, transitioning to the reciprocal insurer business model affords continued growth through increased capacity availability. We look forward to expanding together in 2022 and beyond. As we celebrate Tower Hill's 50th anniversary, we remain dedicated to the Florida market, our agency partners and customers.
About Tower Hill: 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 Tower Hill Insurance Group