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TEXT-S&P rates Tower Group, subsidiaries 'BBpi'
Sept 18 - Rating Action On Aug. 31, 2012, Standard & Poor's Ratings Services assigned its 'BBpi' counterparty credit and financial strength ratings to Tower Insurance Co. Of New York and CastlePoint National Insurance Co. At the same time, we assigned our 'BBpi' financial strength rating to Castlepoint Insurance Co. Rationale The ratings reflect the companies' good capitalization and historically good operating performance. The group has a sound investment strategy as well, and invests assets primarily in high-grade bonds and short-term investments, which comprise 85% of the investment portfolio. Offsetting these positive factors are the group's geographic concentration, operating volatility, and historically heavy reliance on reinsurance. Through its subsidiaries, Tower Group Inc. offers a range of commercial, personal, and specialty property and casualty insurance products and services to both business and individual customers. It provides these products on both admitted and excess-and-surplus bases. Tower Insurance Co. Of New York, Castle Point National Insurance Co. and Castle Point Insurance Co. are the largest property/casualty members of the group in terms of net earned premium, contributing 37%, 18%, and 16%, respectively, of net earned premium in 2011. Related Criteria And Research Ratings Bearing A "pi" Subscript: Methodology And Assumptions, Feb. 9, 2011 Ratings List New Rating Tower Insurance Co. Of New York (Unsolicited Ratings) CastlePoint National Insurance Co. (Unsolicited Ratings) Counterparty Credit Rating Local Currency BBpi Financial Strength Rating Local Currency BBpi CastlePoint Insurance Co. (Unsolicited Ratings) Financial Strength Rating Local Currency BBpi This unsolicited rating(s) was initiated by Standard & Poor's. It may be based solely on publicly available information and may or may not involve the participation of the issuer. Standard & Poor's has used information from sources believed to be reliable based on standards established in our Credit Ratings Information and Data Policy but does not guarantee the accuracy, adequacy, or completeness of any information used. Complete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.
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