Allstate Floridian’s ‘BBBpi’ Affirmed

The “BBBpi” FSR on Allstate Floridian Insurance Co. was affirmed by S&P, which cited the company’s extremely strong capitalization, offset by marginal and volatile operating performance and high geographic and product line concentrations as key rating factors. Although Allstate Floridian is 100 percent owned by Allstate Holdings Inc., a wholly owned subsidiary of Allstate Insurance Co., the latter, in turn, is 100 percent owned by Allstate Corp. However, Allstate Floridian, which maintains a service agreement, management advisory contract and investment agreement with its parent, is rated on a stand-alone basis with no implied support from the Allstate group.