Safeco Halts New Calif. HO Writings

July 30–Citing rate inadequacy and emergencyregulations proposed by the California Insurance Departmentrestricting the use of prior loss history in underwriting andrating, Seattle, Wash.-based Safeco Corporation has decided totemporarily stop writing new homeowners insurance policies in thestate.

The moratorium on new California business went into effect July22. Safeco now writes approximately 240,000 homeowners policies inCalifornia, and none of those current policyholders will beaffected, according to a statement.

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