A.M. Best Co. has downgraded the financial strength rating to A- (Excellent) from A (Excellent) and issuer credit rating to "a-" from "a" of First Colonial Insurance Company. The outlook for both ratings is stable. First Colonial's ultimate parent is The Allstate Corporation (ALL).
In a separate press release, A.M. Best Co. has affirmed the financial strength rating of A (Excellent) and issuer credit rating of "a" of North Light Specialty Insurance Company. The outlook for both ratings is stable. North Light is a wholly owned subsidiary of Allstate Insurance Company, with both companies having The Allstate Corporation as their ultimate parent. These companies are domiciled in Northbrook, IL.
For comments and feedback: editorial@rttnews.com