21st Century Stops Writing Homeowners
NU Online News Service, Jan. 7, 1:39 p.m. EST?Los Angeles-based 21st Century Insurance Group said it has ceded its homeowners policies and will cease writing the coverage in order to focus on its core auto business.
The company said it will no longer write homeowner and renter policies, and will refer customers to DirectNet, a Countrywide Credit Industries Inc. subsidiary. Terms of the arrangement were not announced.
The marketing relationship with DirectNet Insurance Agency Inc., headquartered in Simi Valley, Calif., means that 21st Century's customers now have access "to the full line of homeowners, condo owners and renters insurance coverages" offered by DirectNet, according to a 21st Century statement.
Bruce Marlow, president and chief executive officer of 21st Century Insurance, based in Woodland Hills, noted that the arrangement "allows each company to focus on its core products."
21st Century Insurance bills itself as "a pioneer in the direct to consumer marketing of personal automobile insurance." It serves customers in California, Arizona, Nevada, Oregon and Washington.
Under a Jan. 1 agreement, 21st Century Insurance ceded 100 percent of its in-force homeowner coverages to another Countrywide subsidiary. 21st Century Insurance will not renew homeowners' policies expiring Feb. 21 or later.
21st Century Insurance had direct earned premiums of $30 million in homeowners' insurance in 2001. This represented approximately three percent of the carrier's total premium.
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