OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best Co. has assigned a financial strength rating of A- (Excellent) and issuer credit rating of "a-" to CastlePoint Florida Insurance Company (CFIC) (Fort Lauderdale, FL). The outlook assigned to these ratings is stable.

CFIC is a newly formed insurance company that received a certificate of authority from the Florida Insurance Department on February 19, 2009. The ratings reflect the explicit support provided by its parent, CastlePoint Insurance Company (CPIC) (New York) in the form of a 90% quota share reinsurance agreement. CPIC is ultimately owned by Tower Group, Inc. (Tower) (headquartered in New York) (NASDAQ: TWGP).

CFIC is expected to write small- to medium-sized workers' compensation and commercial automobile insurance coverages in Florida. This business had previously been written by a third party fronting carrier and assumed by CPIC.

Tower, through its subsidiaries offers a broad range of specialized property/casualty insurance products and services to small- and mid-sized businesses and individuals primarily in the North East, Florida, Texas and California.


For Best's Credit Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.

The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at www.ambest.com/ratings/methodology.

Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.

A.M. Best Co.

Analysts

Duncan McColl, 908-439-2200, ext. 5826

duncan.mccoll@ambest.com

or

Joseph Roethel, 908-439-2200, ext. 5630

joseph.roethel@ambest.com

or

Public Relations

Jim Peavy, 908-439-2200, ext. 5644

james.peavy@ambest.com

or

Rachelle Morrow, 908-439-2200, ext. 5378

rachelle.morrow@ambest.com



Source: A.M. Best Co.