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Omega Insurance Company of Gainesville and various entities within Allstate received revised financial strength ratings (FSRs) following reviews by A.M. Best. Omega had its FSR of A- (Excellent) placed under review with negative implications last month.

An “under review” status indicates deterioration of risk-adjusted capitalization. In the present setting, Wilma, the state’s most recent hurricane, is the culprit. In Omega’s case, Best reported that, despite capital contributions before the 2005 hurricane season and more comprehensive reinsurance, the risk-adjusted capital position was no longer supportive of the current rating. The rating will remain under review pending Best’s evaluation of alternatives available to the company. In the absence of a timely and achievable capital replenishment plan and corresponding improved risk-adjusted capitalization, the rating likely will be downgraded, Best reported.

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