Almost lost amid the State Farm Florida versus Florida Office ofInsurance Regulation battle is the story of how another formergiant in our state's homeowners' market has become a bitplayer.

Just five years ago, Allstate Floridian Insurance Co. wasFlorida's second-largest private property insurer and a proud “pup”of parent Allstate. The state allowed national insurers to createstand-alone companies (dubbed “pups”) after Hurricane Andrew in1992; Allstate Floridian was formed in 1996, quickly securing andmaintaining a solid position in the market.

Then the multi-storm 2004 season hit and the company beganreducing its homeowners' book, from 565,882 policies at the closeof 2004 to about 225,000 now, placing it fifth among privatecarriers.

Now, Allstate Floridian and its sister company FloridianIndemnity have been stripped of the Allstate moniker and renamedCastle Key Insurance Co. Allstate officials said they changed thename to formally acknowledge that Castle Key is not funded by theparent company.

Taking them at their word, A.M. Best downgraded the financialstrength rating for Castle Key from good to fair with a negativeoutlook, noting Castle Key's exposure to hurricane risk. Unlikeother Allstate companies, which buy reinsurance through the parent,Castle Key buys it from the Florida Hurricane Catastrophe Fund andthe private market. If a storm hits and money runs out, Castle Keycould walk away, leaving the state holding the bag. Allstate threwlifeline dollars to the company back in 2004, and Best's reportnoted that it expects the company to do so again if need be, but itis under no obligation. The re-created insurer now is one morepotential problem in the property insurance pot, which is alreadyat boiling point.

Shifting to a more pleasant topic: This issue features a coverstory on agency management systems and articles on branding and thegrowth of social media. In a happy coincidence, this coordinatessplendidly with the launch of our magazine's new and improved website (www.floridaunderwriter.com).

Just as you invest time, talent, and dollars on tools to bringgreater value to your customers, so too do we at FloridaUnderwriter and our partner publications. Our enriched web site ispart of a larger initiative by parent company Summit Business Mediato embrace the exciting opportunities of the digital world whilemaintaining our significant print presence in thebusiness-to-business insurance, investment, and professionalservices arenas.

The site is set up similarly to our magazine, with the addedbenefit of fully functional search capabilities that allow you toeasily gain access to archived content online. Specific areasinclude a Topics section, where articles are grouped by subjectmatter; a Personalities section, where you can read articles byyour favorite contributing editors; and an Editor's Choice section,where you can find articles and commentary on our changing andchallenging insurance market. We have included links that allow youto send us comments and suggestions on articles, sign up fore-newsletters and informational updates, and gain access to the websites of major industry groups and services with one click. Ouronline Calendar and Directory sections showcase current statewideevents and provide up-to-date information on market resources.

Web sites are evolving commodities, and built into our site'sroadmap for the future is the ability to adapt to the changingmedia landscape. As we continually refine our site, we anticipateintroducing more features and enhancing our user-friendlyprocesses, always mindful of our commitment to keep content — theinformation and resources we bring to you, our customers —paramount.

We view this significant investment in electronic media as anopportunity to be even more responsive to your needs and relevantto your success.

We welcome your comments.

We're just a click away.