NEW YORK (Standard&Poor's) Jan. 16, 2008--Standard&Poor's Ratings Services said today that news reports about a suspension issued to Allstate Corp. (NYSE:ALL; A+/Stable/A-1) by the Florida Insurance Commissioner seemingly prohibiting some of the companies subsidiaries from writing new auto insurance policies, and possibly homeowners policies, in the state (it is allowed to issue renewals) will not affect the ratings on ALL and subsidiaries. The suspension follows allegations that the company did not comply with a subpoena to testify about its property insurance business, specifically proposed rate increases filed in 2007. This is a long-standing subject in Florida, beginning when the 2004 hurricane season severely impacted the state and insurers paid out about $35 billion in insured losses.
