Update: AM Best Says Tower Hill Prime Faces Surplus, Capital Problems

The downgrade of one of Tower Hill’s insurance companies by AM Best financial rating firm, announced the day that Hurricane Ian nosed into southwest Florida, has led to new speculation that Tower Hill could be the next insurer to falter in the Sunshine State.

Tower Hill officials, whose Gainesville-based companies as recently as late 2021 held more than 5% of the Florida property market, have said for more than a year that policies from several TH companies are being rolled into Tower Hill Insurance Exchange, a type of reciprocal insurer. Overall, the company remains in good financial shape, company officials said.