INSURANCE
From Times Staff and Wire Reports
Prudential, Allstate Downgraded by Ratings Agencies: Hurricane Andrew continued to take its toll on the insurance industry as rating agencies downgraded Prudential Insurance Co. of America and Allstate Insurance Group. Moody’s Investors Service lowered its financial strength rating of Prudential and its subsidiaries, although the company is still in the “excellent” category. A.M. Best Co., another ratings agency, lowered its assessment of Allstate’s property-casualty operations from A to A-minus.
