Allstate Floridian Changes Name to Castle Key
July 6, 2009
Allstate Floridian Insurance Co. and Allstate Floridian Indemnity Co., property insurance subsidiaries of Allstate Insurance Co., have changed their names to Castle Key Insurance Co. and Castle Key Indemnity Co., respectively.
Mike Sheely, Allstate field vice president for Florida, said the change should be "seamless" for customers.
Allstate said the name changes were made in order to "better reflect the fact that these property companies are separately capitalized from Allstate Insurance Co."
The companies were introduced in Florida following Hurricane Andrew.
The name change was approved by the Illinois Department of Insurance and accepted by the Florida Office of Insurance Regulation (OIR).
"Castle Key is committed to continuing to serve our customers in Florida, and is in a strong financial position to pay claims," Sheely said.
Allstate said that the Castle Key companies have "extensive reinsurance" for the 2009 hurricane season to cover projected windstorm losses on their approximately 225,000 policies.
Castle Key Insurance and Castle Key Indemnity sell homeowners, condominium owners, renters and mobile home owners insurance protection through nearly 1,100 agencies in the state of Florida. Property insurance policies sold by Castle Key are not underwritten or reinsured by any other company in the Allstate group.
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