18 Insurers See Ratings Updates
Ratings Corner, December 24, 2013
These rating actions take into consideration Tower’s most recent announcement on Dec. 17, which noted management’s plans to sell its minority share of Canopius Group Ltd. for $69.7 million, its intention to use these proceeds to pay in full $70 million of outstanding credit on its existing credit facility, and its need to further strengthen prior-year loss reserves in the third quarter in a range between $75 million and $105 million, primarily in workers' compensation, commercial multi-peril liability, other liability and commercial auto liability lines of business.
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