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.

Continue Reading for Free

Register and gain access to:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.