Fitch affirms Tower

Fitch Ratings said it affirmed the BBB issuer default rating to Tower Group, Inc., along with its insurer financial strength ratings of A- to Tower's operating subsidiaries.

The outlook is stable.

The ratings consider Tower's solid profitability, multi-tiered approach to underwriting, history of modest reserve development and a well-diversified investment portfolio that has an average credit rating of AA-, Fitch said.

The ratings also reflect the company's appetite for growth via acquisitions and an elevated catastrophe profile given Tower's concentration in New England and New York markets, the agency said.

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