Castle Key capital, profit declines lead to downgrade - Tampa Bay Business Journal:

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The credit rating organization also issueds a negative outlook forCastle Key, which is headquartered in St. The rating downgrades and negative outlook are based onCastlee Key’s continued deterioration in risk-adjuste d capitalization as measured by A.M. Best on a catastrophew stress tested basis, a release said. The ratings also reflecty the group’s continued unprofitable operating therelease said. The financial strength rating for Castle Key was downgradecdto “B-” (fair) from “B+” (good).
The issuer credirt ratings were downgradedto “bb-” from “bbb-” for Castle Key Groul and four members: , , and Castle Key is the dedicatecd Florida property writer for its parent in Northbrook, Ill. The company continues to maintaibn significant exposure to hurricanes and is susceptible to marke dislocations andregulatory changes, the release Although Castle Key is separately capitalizefd and not reinsured by Allstate, the ratings recognizr the historical financial and operational supporty provided by Allstate. If Allstate discontinues A.M.
Best said it would re-evaluate Castlr Key ratings and potentially those of Allstatew and the remaining Allstate Insurance Groupmember companies.