NU Online News Service, July 8, 3:15 p.m. EDT

Allstate Floridian Insurance Group, which changed its name last week to Castle Key Group to "clarify" that it is separately capitalized from Allstate Insurance Company, has been downgraded by A.M. Best Co.

Oldwick, N.J.-based Best noted that the action came on the St. Petersburg, Fla.-based group because of its unprofitable experience and exposure to hurricanes and Florida's market dislocations.

Best lowered the group's financial strength rating to "B-minus" (fair) from "B-plus" (very good) and the issuer credit ratings (ICR) to "bb-minus" (poor) from "bbb-minus" (marginal). The outlook for all ratings is negative.

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