Tower's insurance company subsidiaries, TICNY and Tower National Insurance Company, are rated A- (Excellent) by A.
Since management chose not to fully participate in the ratings process, TICNY believes that S&P's final rating contains several inaccurate, incomplete and misleading statements.
All decisions on material matters between TICNY and CastlePoint Holdings, Ltd.
In addition, policies in the more rating sensitive large lines and middle market programs formerly written through TRM, were written by TICNY due to the rating upgrade to "A-" (Excellent) by A.
This decline was primarily due to an increase in earned premiums at a higher rate than the increase of other underwriting expenses and, to a lesser extent, the writing of larger premium policies in TICNY that were previously produced through TRM on behalf of issuing companies.