Orlando Harmon
Tower Hill Insurance is not going out of business. In fact, it is one of the largest and most well-capitalized insurance companies in Florida, with over 500 employees and a history spanning over 52 years. The company has recently transitioned to a reciprocal insurance model, where members become part owners and share in the underwriting profits. Tower Hill Insurance Exchange, the company's newest risk-bearing entity, holds an Insurance Financial Strength Rating of BBB+ with a Stable Outlook, affirming its financial stability. Despite the challenging Florida insurance market, Tower Hill remains committed to providing outstanding customer service and has a proven track record of handling claims efficiently, from $300,000 to over $1 million.
| Characteristics | Values |
|---|---|
| Financial Stability Rating from Demotech, Inc. | A (Exceptional) |
| Insurance Financial Strength Rating from KBRA | BBB+ with a Stable Outlook |
| Long-term credit rating for $200 Million Senior Surplus Notes | BB+ |
| Long-term credit rating for additional $95 Million Senior Surplus Notes | BB+ |
| Outlook | Stable |
| Number of Employees | 500+ |
| Years in Operation | 52+ |
| Availability | Florida |
| Services | Homeowners insurance, sinkhole coverage, flood insurance, watercraft coverage, high-value home and personal items coverage |
| Customer Testimonial | "The experience was outstanding!" |
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What You'll Learn
Tower Hill Insurance Exchange
The Exchange is part of the Tower Hill Insurance Group, which has been in operation for over 52 years, providing insurance services to Florida residents. Tower Hill Insurance Exchange began in 2022, and despite Florida's challenging insurance market and changes within the global reinsurance industry, it remains financially strong and well-positioned as a leading provider of residential insurance in Florida.
In summary, Tower Hill Insurance Exchange is not going out of business. Instead, it is a financially stable and reputable insurance provider in Florida, offering a range of insurance products and services to its members, who also have ownership in the Exchange and share in its underwriting profits.
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Tower Hill Insurance Group's financial strength
Tower Hill Insurance Group has been in the business of protecting Florida homes for over 52 years. The company's third annual report highlights its financial strength and resilience in the face of challenges in Florida's insurance market and the global reinsurance industry.
Tower Hill Insurance Exchange, the company's newest risk-bearing entity, began in 2022 and is organised as a "reciprocal insurer". This means that policyholders become part owners and insure each other, sharing in the underwriting profits through Subscriber Savings Accounts (SSAs). SSAs will be established once the Exchange achieves underwriting profitability, and accounts are protected from losing value in unprofitable years.
Tower Hill Insurance Exchange has received strong financial strength ratings from multiple sources. As of October 18, 2022, it held a Financial Stability Rating® of A (Exceptional) from Demotech, Inc. KBRA, a well-known credit rating agency, assigned an Insurance Financial Strength Rating of BBB+ with a Stable Outlook in December 2021. Additionally, Tower Hill Prime Insurance Company, a niche provider of specialty personal lines property insurance, has also earned a Financial Stability Rating® of A (Exceptional) from Demotech, Inc.
Tower Hill Insurance Group offers a broad range of A-rated insurance companies, indicating strong financial stability. The group's commitment to financial strength is further demonstrated by its partnership with Vantage Group Holdings Ltd. (Vantage), established in 2020, which brings creativity and tech-enabled efficiency to address clients' risks. The group also includes SkiSafe, which has provided coverage for watercraft risks since 1992.
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Customer service and satisfaction
However, there have also been several complaints and negative reviews regarding Tower Hill's customer service. Some customers have reported issues with rate increases, lack of responsiveness, and difficulties in resolving disputes. There are also mentions of challenges in reaching a satisfactory resolution, with some customers feeling that their concerns were not adequately addressed.
It's important to note that the National Association of Insurance Commissioners (NAIC) receives below-average customer complaints for Tower Hill, suggesting that overall, their customer service may be better than average. The company has also demonstrated financial strength and stability, which can contribute to customer satisfaction by ensuring timely claim payouts.
Tower Hill Insurance provides multiple channels for customer interaction, including a 24/7 phone line for reporting claims and a customer portal for submitting and tracking claims online. They also offer a range of payment options, including check, e-check, and major credit cards, enhancing convenience for their customers.
In conclusion, while Tower Hill Insurance has received some negative feedback regarding customer service, there are also positive testimonials and indicators of customer satisfaction. The company's long-standing presence in the industry, financial strength, and commitment to Florida's unique insurance needs suggest a focus on customer satisfaction. However, there is room for improvement, particularly in consistently addressing customer concerns and disputes.
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Tower Hill's future in Florida
Tower Hill Insurance has been protecting Florida homes for over 50 years. The company is dedicated to providing outstanding customer service and claims handling to its Florida customers. In 2022, Tower Hill Insurance introduced a new risk-bearing entity, the Tower Hill Insurance Exchange ("the Exchange"), a reciprocal insurer where policyholders become part owners and share in the underwriting profits.
The Exchange is an admitted carrier, and its members are protected by the Florida Insurance Guarantee Association (FIGA). It also purchases coverage from the Florida Hurricane Catastrophe Fund (FHCF) to mitigate losses in the event of a hurricane. As of October 2022, the Exchange held a Financial Stability Rating of A (Exceptional) from Demotech, Inc. and an Insurance Financial Strength Rating of BBB+ with a Stable Outlook from KBRA.
Despite Florida's challenging insurance market, Tower Hill remains financially strong and well-positioned as a leading provider of residential insurance in the state. They have over 500 employees dedicated to providing year-round service excellence. Tower Hill is committed to providing competitive pricing, top-notch coverage, and timely claim payments.
In 2025, Tower Hill modified its business practices and risk threshold due to the ongoing home insurance crisis in Florida. They replaced their personal lines in the state with the Tower Hill Insurance Exchange, a reciprocal insurance model. This decision was made to ensure the company's long-term stability and ability to serve its customers in a challenging market.
Tower Hill Insurance Exchange is currently available exclusively through authorized insurance agencies and other Tower Hill affiliates in Florida. The company offers a range of insurance options, including sinkhole coverage, flood insurance, watercraft coverage, and high-value home and personal items coverage. With the Tower Hill Mobile app, Florida policyholders can conveniently manage their policies, access account information, and stay updated on claims.
Tower Hill Insurance's future in Florida looks positive. The company has a strong financial standing, with KBRA affirming its Insurance Financial Strength Rating of BBB+ in 2024. They have a proven track record of handling claims efficiently, providing competitive pricing, and offering personalized insurance plans to meet the unique needs of Florida homeowners.
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Tower Hill's insurance coverage
Tower Hill Insurance Coverage
Tower Hill Insurance is not going out of business. In fact, it broke ground on a new headquarters in Alachua County in December 2023. The company has been providing insurance services to Florida customers since 1972, and currently has over 500 employees. Tower Hill Insurance Group is the holding company for several insurance subsidiary companies, including Tower Hill Prime, Tower Hill Specialty, and Tower Hill Insurance Exchange.
Tower Hill Insurance Exchange is the company's newest risk-bearing entity, which began in 2022. It is a "reciprocal insurer", meaning that policyholders (or members) will insure each other and share in underwriting profits. This is a unique model, as conventional carriers are owned by shareholders or private investors.
Tower Hill Insurance offers a range of insurance coverage options, including homeowners insurance, flood insurance, watercraft coverage, and high-value home and personal items coverage. Customers can also add on coverage types to personalize their policies. The company provides a Quick Quote service, allowing customers to get an easy, no-obligation quote in just a few clicks.
The Tower Hill Mobile app allows policyholders to manage their policies on the go, with access to policy information, payment options, and claims updates. The app also includes a Subscriber Surplus Contribution feature, which is applied directly to the Exchange's surplus. Tower Hill Insurance Exchange holds a Financial Stability Rating of A (Exceptional) from Demotech, Inc., as of October 18, 2022, indicating its strong financial position.
Tower Hill Insurance is dedicated to providing outstanding customer service and claims service. With a range of payment options available, including automatic payment withdrawal plans, customers can choose the method that best suits their needs. The company also has a BBB Accreditation since April 10, 2013, further demonstrating its commitment to customer satisfaction.
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Frequently asked questions
No, Tower Hill Insurance is not going out of business. It is a financially strong company with over 500 employees and has been protecting Florida's homes for over 52 years.
Tower Hill Insurance Exchange has a Financial Stability Rating of A (Exceptional) from Demotech, Inc., as of October 18, 2022.
The Insurance Financial Strength Rating of Tower Hill Insurance Exchange is BBB+, as assigned by KBRA on December 28, 2021.
Yes, Tower Hill Insurance's coverage availability varies by state. However, it is primarily known for serving Florida homeowners, especially those in high-risk areas.
Yes, Tower Hill Insurance allows homeowners to personalise their home insurance plans. You can also add on coverage types, such as flood coverage, watercraft coverage, and high-value home and personal items coverage.
