/ Tower Hill Insurance Exchange

Tower Hill’s newest risk-bearing entity, Tower Hill Insurance Exchange ("the Exchange"), is considered a reciprocal insurer because the policyholders (aka members) will insure each other and share in the underwriting profits generated via subscriber savings accounts.

Whereas conventional carriers are owned by shareholders or private investors, reciprocal insurance companies are owned by their members. Some of the best known and popular reciprocals are USAA, Farmers Insurance, Privilege Underwriters Reciprocal Exchange (PURE), and Erie Insurance.

THIE will be managed by Tower Hill Risk Management (THRM) as the Attorney-in-Fact (AIF). THRM will be responsible for all facets of the Exchange’s operations. When you sign the Power of Attorney, you are authorizing the Attorney-in-Fact to manage the company on your behalf. Tower Hill Risk Management is an affiliate of Tower Hill Insurance Group, LLC.

Tower Hill Insurance Exchange is also guided by an annually elected Subscribers Advisory Committee (SAC). No official powers beyond oversight are afforded to the SAC.

Tower Hill Insurance Exchange is an admitted carrier and its members are protected by the Florida Insurance Guarantee Association (FIGA). The Exchange also purchases coverage from the Florida Hurricane Catastrophe Fund (FHCF) to reduce its overall loss in the event of a hurricane.

The Exchange holds a Financial Stability Rating® of A (Exceptional) from Demotech, Inc., as of October 18, 2022. KBRA assigned an Insurance Financial Strength Rating of BBB+ with a Stable Outlook to Tower Hill Insurance Exchange (Exchange) on December 28, 2021.

Currently, Tower Hill Insurance Exchange products are available in Florida.

Tower Hill Insurance Exchange products are available to consumers exclusively through the insurance agencies authorized to represent the Exchange and other Tower Hill affiliates. To purchase a policy, please contact your local insurance agent.

As an admitted carrier in the State of Florida, the Exchange is subject to the same potential assessments from FIGA, the FHCF, and Citizens Property Insurance Corporation (CPIC) as all other Florida admitted insurers. Therefore, all Exchange members will have any assessments levied by these entities added to their policy.

However, as an Exchange subscriber, your liability to the Exchange is limited to the costs of your insurance, including premium and surplus contribution, for your policy. You cannot be assessed for any premium shortfalls incurred by the Exchange.

At renewal, most Tower Hill Preferred, Tower Hill Prime, and Tower Hill Signature personal lines (i.e., homeowners, rental property, etc.) policies will transfer to the Exchange.

While your Exchange policy contains comparable coverage to your prior Tower Hill policy, we have made some coverage changes. For specific coverages included in your policy, please refer to your individual Declarations Page and Coverage Comparison chart that will be included with your policy offer. Please contact your insurance agent with coverage-related questions or to make policy changes.

Tower Hill Insurance Exchange still has the same management team and strong member service that Tower Hill has been providing to customers for 50 years! Please contact our Customer Service Center at (800) 342-3407) with questions about billing or to report a Claim. If you need emergency repair services, such as water extraction or roof tarping, contact CastleCare at 844-TOWER-11 (844-869-3711) for assistance 24/7. CastleCare is an exclusive benefit available for Exchange members and Tower Hill customers.

SSAs are accounts which allow reciprocal members to share in the Exchange’s underwriting profit. For Tower Hill Insurance Exchange members, SSAs will be established at a later date upon the Exchange's achieving underwriting profitability. Details on how the SSA works are spelled out in the Subscriber’s Agreement that the member is required to sign and return.

Once the account is established, the member will be able to monitor their balance; however, they will not be able to access their balance until they leave the Exchange and are no longer a member. Accounts cannot lose value in the event the Exchange has an unprofitable year. Distribution of fund balances is at the sole discretion of the AIF but must be pre-approved by the Florida Office of Insurance Regulation (FLOIR).

Each policy will include a Subscriber Surplus Contribution, which will be applied directly to the Exchange's surplus.

The initial contribution will be 10% of the annual policy premium. Once the admitted Surplus is sufficient to support the growth projections of the Exchange, Subscriber Surplus Contributions may be reduced and/or eliminated at the discretion of the AIF. The Subscriber Surplus Contribution will be itemized on the Quote Sheet and Declarations page.