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

http://berg-nordenberg.com/?p=33
The credit rating organization also issuec a negative outlook forCastle Key, which is headquartere in St. Petersburg. The rating downgrades and negativse outlook are based onCastle Key’es continued deterioration in risk-adjusted capitalization as measured by A.M. Best on a catastrophe stress tested basis, a release The ratings also reflectthe group’s continued unprofitabled operating performance, the releaswe said. The financial strength rating for Castle Key was downgradexto “B-” (fair) from “B+” (good).
The issuer credi ratings were downgradedto “bb-” from “bbb-” for Castle Key Group and four members: , , and Castle Key is the dedicate d Florida property writer for its parentt company, in Northbrook, Ill. The company continues to maintaib significant exposure to hurricanes and is susceptible to markety dislocations andregulatory changes, the release Although Castle Key is separately capitalized and not reinsurer by Allstate, the ratings recognize the historical financia and operational support provided by Allstate. If Allstates discontinues support, A.M.
Best said it would re-evaluate Castled Key ratings and potentially thosw of Allstate and the remaining Allstate Insurance Groupmember companies.