Two rating agencies have come to different conclusions about the latest earnings news from Allstate, with A.M. Best saying it would take no action while Fitch downgraded the company and its subsidiaries.
Their actions followed Friday's move by New York-based Moody's Investors Service, which reacted to the insurer's announcement of a fourth-quarter $1.3 billion loss by reducing the rating of the company and its subsidiaries, citing "significant investment losses, weak earnings and reduced capitalization."
Oldwick, N.J.-based Best said the ratings and outlook on Allstate Insurance Group and The Allstate Corp. remained unchanged.
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