Safeco Halts New Calif. HO Writings
July 30–Citing rate inadequacy and emergency regulations proposed by the California Insurance Department restricting the use of prior loss history in underwriting and rating, Seattle, Wash.-based Safeco Corporation has decided to temporarily stop writing new homeowners insurance policies in the state.
The moratorium on new California business went into effect July 22. Safeco now writes approximately 240,000 homeowners policies in California, and none of those current policyholders will be affected, according to a statement.
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