Fitch Withdraws Tower Group Inc.'s Recovery Rating

Thu Jan 16, 2014 4:50pm EST

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(The following statement was released by the rating agency) CHICAGO, January 16 (Fitch) Fitch Ratings has withdrawn the 'RR5' Recovery Rating on Tower Group, Inc.'s 5% $150 million senior unsecured debt due September 2014 that was published on January 2, 2014 as the baseline recovery assumption of RR5 was inadvertently entered as a recovery rating. All other ratings for Tower Group are unaffected and listed at the end of the release. Fitch has withdrawn the 'RR5' Recover Rating on following: Tower Group, Inc. --5% senior convertible senior unsecured debt issue due September 2014. Fitch has taken no actions on the following ratings: Tower Group International, Ltd. --IDR 'CC' on Rating Watch Evolving. Tower Group, Inc. --IDR 'CC' on Rating Watch Evolving; --5% senior convertible debt rating 'C' on Rating Watch Evolving. Tower Insurance Company of New York Tower National Insurance Company Preserver Insurance Company CastlePoint National Insurance Company York Insurance Company of Maine Hermitage Insurance Company CastlePoint Florida Insurance Company North East Insurance Company Massachusetts Homeland Insurance Company CastlePoint Insurance Company Kodiak Insurance Company --IFS rating 'B' on Rating Watch Evolving. Contact: Primary Analyst Gerald B. Glombicki, CPA Director +1-312-606-2354 Fitch Ratings, Inc. 70 West Madison St. Chicago, IL 60602 Secondary Analyst James B. Auden, CFA Managing Director +1-312-368-3146 Committee Chairperson Andrew Davidson, CFA Senior Director +1-312-368-3144 Media Relations: Brian Bertsch, New York, Tel: +1 212-908-0549, Email: brian.bertsch@fitchratings.com. Additional information is available at 'www.fitchratings.com'. Applicable Criteria and Related Research: --'Insurance Rating Methodology' (Nov. 13, 2013). Applicable Criteria and Related Research: Insurance Rating Methodology -- Amended here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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