California sees two more property insurers exit from market

By Nadia Lopez | Bloomberg

California’s already strained property insurance market is facing a new challenge as two more insurers, Tokio Marine America Insurance Co. and Trans Pacific Insurance Co., plan to withdraw from the wildfire-prone state entirely starting in July.

The two companies, units of Japan-based Tokio Marine Holdings Inc., disclosed their plans in filings submitted to the California Department of Insurance. They said the decision will affect 12,556 policies with premiums...