AM Best places Allstate-owned Castle Key’s ratings under review with negative implications
AM Best has placed Castle Key Group’s B+ financial strength rating and “bbb-” long-term issuer credit rating under review with negative implications, citing challenging market conditions in Florida.
The agency attributed the decision to a “material deterioration” in the Allstate-owned company’s surplus position, due to “challenging personal property insurance conditions in Florida”, including higher loss severity, catastrophe-related losses and the increased cost of reinsurance.
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