Allstate says it won't write new P/C policies in Calif.Allstate Corp., the third-largest writer of homeowners multiperil insurance in California, said it will no longer write new homeowners or landlord package policies in state, effective July 1. The company said it will renew existing homeowners policies if its underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. are met. California Insurance Commissioner California Insurance Commissioner is an elected executive office position in California who is in charge of the California Department of Insurance. The current Insurance Commissioner is Steve Poizner. Steve Poizner Stephen L. "Steve" Poizner (born January 4 1957) is a California businessman and Republican politician, who has been the elected State Insurance Commissioner of California since January 8 2007. responded by stating that he will order Allstate to show cause for its homeowners rates. Allstate said the announcement is the latest in a series of actions the company has taken to manage catastrophe Catastrophe, from the Greek Καταστροφή (katastrephein), literally means "to turn" (strephein) "downwards" (kata-). risk. "Allstate is taking responsible action now so that the company will continue to be in a strong position to help protect customers in California and across the country," said Robert H. Barge III, field vice president for All state, in a statement. The company said it will refer state residents seeking new homeowners policies to Pacific Specialty Insurance Co. of Menlo Park Menlo Park. 1 Residential city (1990 pop. 28,040), San Mateo co., W Calif.; inc. 1874. Electronic equipment and aerospace products are manufactured in the city. Menlo College and a Stanford Univ. research institute are there. 2 Uninc. , Calif. Earlier this year, Allstate Corp. denied speculation by California government officials and insurance regulators that it intended to either scale back or cease writing California homeowners policies following its request to increase rates 12.2%. The vast majority of homeowners companies currently doing business in California have requested or received rate cuts. Top 5 Writers, 2005 Homeowners Multiperil, California Group market shares (%) are based on direct premiums written. State Farm 22.1 Farmers 16.3 Allstate 14.1 California State 6.0 Auto Group USAA 4.5 Source: Best's State/Line Reports Note: Table made from bar graph. |
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