A.M. Best Assigns Ratings to CastlePoint Florida Insurance Company

OLDWICK, N.J.--(Business Wire)--
A.M. Best Co. has assigned a financial strength rating of A- (Excellent) and
issuer credit rating of "a-" to CastlePoint Florida Insurance Company (CFIC)
(Fort Lauderdale, FL). The outlook assigned to these ratings is stable.

CFIC is a newly formed insurance company that received a certificate of
authority from the Florida Insurance Department on February 19, 2009. The
ratings reflect the explicit support provided by its parent, CastlePoint
Insurance Company (CPIC) (New York) in the form of a 90% quota share reinsurance
agreement. CPIC is ultimately owned by Tower Group, Inc. (Tower) (headquartered
in New York) (NASDAQ: TWGP).

CFIC is expected to write small- to medium-sized workers` compensation and
commercial automobile insurance coverages in Florida. This business had
previously been written by a third party fronting carrier and assumed by CPIC.

Tower, through its subsidiaries offers a broad range of specialized
property/casualty insurance products and services to small- and mid-sized
businesses and individuals primarily in the North East, Florida, Texas and
California.

For Best`s Credit Ratings, an overview of the rating process and rating
methodologies, please visit www.ambest.com/ratings.

The principal methodologies used in determining these ratings, including any
additional methodologies and factors that may have been considered, can be found
at www.ambest.com/ratings/methodology.

Founded in 1899, A.M. Best Company is a global full-service credit rating
organization dedicated to serving the financial and health care service
industries, including insurance companies, banks, hospitals and health care
system providers. For more information, visit www.ambest.com.

A.M. Best Co.
Analysts
Duncan McColl, 908-439-2200, ext. 5826
duncan.mccoll@ambest.com
or
Joseph Roethel, 908-439-2200, ext. 5630
joseph.roethel@ambest.com
or
Public Relations
Jim Peavy, 908-439-2200, ext. 5644
james.peavy@ambest.com
or
Rachelle Morrow, 908-439-2200, ext. 5378
rachelle.morrow@ambest.com

Copyright Business Wire 2009