A.M. Best Places Allstate Floridian Under Review

A.M. Best Co. placed the financial strength rating of “A-” (Excellent) of Allstate Floridian Group under review with negative implications. All companies listed are affiliates of The Allstate Corporation and are located in Northbrook, Ill.

This rating action reflects the potential capital decline associated with losses from Hurricane Charley and subsequently reduced risk-adjusted capitalization. The rating action is being taken as a result of insufficient detailed information available to assess the ultimate financial impact of Hurricane Charley on Allstate Floridian as well as the potential impact of Hurricane Frances and any subsequent events.

Allstate Floridian, comprised of Allstate Floridian Insurance Company and Allstate Floridian Indemnity Company, is the dedicated producer of Florida property business for the Allstate Insurance Group. The Allstate Floridian Group is a separate entity from the Allstate Insurance Group and thus receives a stand-alone rating from A.M. Best.

While gross losses associated with Hurricane Charley are significant, participation in the Florida Hurricane Catastrophe Fund has considerably reduced net losses.

However, A.M. Best remains concerned with Allstate Floridian’s risk-adjusted capitalization, particularly with regard to the elevated probable maximum loss and the ability to absorb a subsequent catastrophic event. Accordingly, continuation of the current rating will be contingent upon additional management actions to improve Allstate Floridian’s capitalization.

Latest Comments

• August 31, 2005 at 8:06 am

  Mr. Mann says:

  Allstate should be more understanding of the needs of its policyholders. If they did not have our payments each month, they would surely be without an income. Attempting to ... read more
• October 26, 2004 at 12:19 pm

  richard stockton says:

  10/26/04 We can understand that Allstate Floridian adustors and claims people must be busy indeed. What we can't understand is their absolute stonewalling after we supplied do... read more
• September 23, 2004 at 2:36 am

  JAMES GOBERT says:

  THEY ARE NOT HANDLING MY CLAIM PROPERLY. MY ADJUSTER REFUSED TO LOOK AT DAMAGE IN MY ATTIC. HE WONT EVEN RETURN MY AGENTS CALLS TO HIM ALSO DID NOT INCLUDE ALL OF THE DAMAGE I... read more