American Financial, AXA and 12 Others Receive Ratings Updates

Ratings Corner, January 13, 2014

Jennifer Morrell

A.M. Best has maintained the under review status on the financial strength rating (FSR) of B (Fair) and issuer credit ratings (ICR) of “bb” of the pooled and reinsured members of the Tower US Pool; the ICR of “b-” and the debt rating of “b-” on $145.4 million, 5 percent senior convertible notes, due 2014, of the intermediate holding company, Tower Group Inc.; the FSR of B (Fair) and ICR of “bb” of CastlePoint Reinsurance Co. Ltd.; and the ICR of “b-” of the ultimate parent, Tower Group International Ltd. (Tower). The implications have been revised to developing from negative for all of these ratings.

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