A.M. Best's decision last week to downgrade the ratings of Tower Group International's U.S. subsidiaries to junk-bond levels is the latest in a string of bad news for the carrier that includes a Securities and Exchange Commission investigation, a delisting threat by the Nadsaq stock exchange and more than $600 million in losses in the past two years.
A.M. Best on Aug. 28 downgraded the financial strength ratings of Tower US Pool from a “c" (marginal) to a “c” (weak). The ratings house also downgraded the issuer credit ratings of the pooled and reinsured members ...
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