AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of the members of Allstate Insurance Group (Allstate) [NYSE: ALL]. Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of the ASMI Auto Group members. AM Best also has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” (Excellent) of First Colonial Insurance Company (FCIC) (Jacksonville, FL).

Additionally, AM Best has affirmed the Long-Term ICR of “a-” (Excellent) and all existing Long-and Short-Term Issue Credit Ratings (Long-Term IR; Short-Term IR) of the ultimate parent, The Allstate Corporation (Allcorp). At the same time, AM Best has affirmed the Long-Term ICR of “a-” (Excellent) of National General Holdings Corp. (Delaware), an intermediate holding company of Allcorp. In addition, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+” (Excellent) of National Health Insurance Company (Dallas, TX). AM Best also has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” (Excellent) of National General Insurance Ltd. (NGIL) (Bermuda). The outlook of all these Credit Ratings (ratings) is stable.

Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICRs of “a-” (Excellent) of the members of Allstate New Jersey Insurance Group (collectively referred to as Allstate New Jersey) (headquartered in Bridgewater, NJ). The outlook of these ratings is negative.

Simultaneously, AM Best has revised the outlooks to positive from stable for the Long-Term ICRs and affirmed the FSR of B (Fair) and the Long-Term ICRs of “bb” (Fair) of the members of Castle Key Group (Castle Key). The outlook of the FSR is stable. (See link below for a detailed listing of the companies and ratings.) All of the aforementioned companies are headquartered in Northbrook, IL, unless otherwise specified.

The ratings of Allstate reflect its balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).

Allstate has a favorable market position in the private passenger auto and homeowners’ markets. The organization’s extensive reach and distribution capabilities historically have contributed to sustained profitability and robust cash flow. However, economic challenges combined with increased pressures from catastrophic events adversely affected Allstate’s underwriting and financial results in 2022 and 2023. In response, Allstate has implemented a comprehensive profit improvement plan, which includes increasing rates, enhancing underwriting standards and expense reductions. These measures have resulted in materially improved margins in 2024 and through the first six months of 2025.

As a result of stronger earnings, Allstate’s risk-adjusted capitalization has benefited from almost 30% statutory surplus growth in 2024. The risk-adjusted capitalization as measured by Best Capital Adequacy Ratio (BCAR) improved compared to 2023 level; however, it remains below the historical levels. Balance sheet strength is further supported by a comprehensive reinsurance program, which was enhanced in recent years to reduce overall exposures. AM Best notes that Allcorp maintains strong financial flexibility through its access to capital markets and various other sources of liquidity. The organization’s financial leverage and coverage metrics are within AM Best’s expectations and adequate for its current ratings.

The ratings of ASMI Auto Group reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, very limited business profile and appropriate ERM. The ratings also reflect the risk management and service agreement support of its ultimate parent, Allcorp.

The ratings of FCIC reflect its balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, neutral business profile and appropriate ERM. FCIC’s ratings also benefit from the explicit and implicit support provided by Allcorp, its ultimate parent.

Additionally, the ratings of National Health Insurance Company reflect its balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate ERM.

NGIL’s ratings reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate ERM.

The ratings of Allstate New Jersey reflect its balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, limited business profile and appropriate ERM. Also, the ratings recognize the financial strength, ERM and continued support of Allstate Insurance Company and Allcorp. The negative outlooks on these ratings are due to operating results falling below the strong level in the last several years.

The ratings of Castle Key reflect its balance sheet strength, which AM Best assesses as weak, as well as its marginal operating performance, limited business profile and appropriate ERM. The revision of the Long-Term ICRs outlooks to positive from stable reveals improvements in the company’s operating performance metrics, notably improvements in underwriting and operating profitability.

A complete listing of The Allstate Corporation and its property/casualty and life/health subsidiaries’ FSRs, Long-Term ICRs and Long- and Short-Term IRs is available.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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