QBE to Drop its Home Insurance Market

QBE Insurance is going to leave the U.S. home insurance market over the next year. The company quit writing homeowners policies last month.

In California, alone, QBE insures 37,774 homes. Those policies will not be renewed when they expire in the next year. A deal is brewing to have Builders Reciprocal Insurance Exchange, out of Texas, to take over most of QBE’s customers.

The company is already working with the California Department of Insurance to get approval to write business in the Golden State.

Source link: Insurance Business America — https://bit.ly/4gjNfMH

Source link: PropertyCasualty360.com — https://bit.ly/3KfVHQM