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AM Best Downgrades Issuer Credit Rating of Tower Hill Prime Insurance Company
April 8, 2021 GMT
OLDWICK, N.J. (BUSINESS WIRE) Apr 8, 2021
AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb” from “bbb+” and affirmed the Financial Strength Rating (FSR) of B++ (Good) of Tower Hill Prime Insurance Company (Tower Hill Prime) (Gainesville, FL). The outlook of the FSR has been revised to negative from stable, while the outlook of the Long-Term ICR is negative.
The Credit Ratings (ratings) reflect Tower Hill Prime’s balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management (ERM).
OLDWICK - FEBRUARY 16, 2021 06:05 PM (EST)
AM Best has commented that the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of aa for members of The Progressive Corporation (Progressive) (Mayfield Village, OH), along with the Long-Term ICR of a for Progressive, the parent holding company, and all Long-Term Issue Credit Ratings (Long-Term IR) on Progressive s senior and preferred stock issuances remain unchanged following the company s Feb. 16, 2021, announcement that it has entered into a definitive agreement to acquire Protective Insurance Corporation (Protective), with a total transaction value of approximately $338 million. The acquisition includes all outstanding Class A and Class B common shares of Protective and is expected to close prior to the end of the third quarter of 2021. The outlook of these Credit Ratings (ratings) is stable.