State Farm accused of funneling excess profits to parent as it …
Oct 28, 2024 · State Farm General, California’s largest home insurer, is being accused of boosting the profits of its parent company at the expense of state policyholders — while claiming it’s in financial...
State Farm’s finances were a worry even before L.A. fires. Here’s …
State Farm General rejected the allegations, writing in a statement that it purchases some of its reinsurance from its parent company due to a lack of other reinsurers willing to take on the risk ...
State Farm to offer renewals to all L.A. County policyholders …
Jan 15, 2025 · State Farm, California's largest home insurer, ... he had been the managing editor of the Los Angeles Business Journal and was a reporter for the Los Angeles Daily News and other outlets. A New ...
State Farm Sets Another Record With $14B Underwriting Loss in …
Mar 1, 2024 · A year after recording the largest underwriting loss in the company’s 100-year history, State Farm eclipsed it in 2023. The underwriting loss figure climbed to $14 billion for 2023, with a...
Thousands of Los Angeles homeowners were dropped by their ... - CBS News
6 days ago · An analysis of insurance data by CBS News San Francisco last year found that State Farm also dropped more than 2,000 policies in two other Los Angeles ZIP codes, which include the Brentwood ...
State Farm® Announces 2023 Financial Results
Feb 29, 2024 · State Farm reported a net loss of $6.3 billion in 2023 compared to a net loss of $6.7 billion in 2022. The State Farm insurance operations consist of fourteen P-C companies and two life companies, each of which is managed on an individual affiliate level.
Can California Fire Victims Sue State Farm for Dropping Coverage ...
Jan 12, 2025 · State Farm CEO Denies Hardin wrote in a March 2024 letter to California Insurance Commissioner Ricardo Lara that the insurer's strained finances forced their hand in reducing exposure to risk, and ...
State Farm Faces Setback as Class Action Lawsuit ... - Live Insurance News
Aug 26, 2024 · In a significant legal development, U.S. District Judge Virginia Kendall has denied State Farm’s motion to dismiss a class action lawsuit, allowing the case to proceed in the U.S. District Court for the Northern District of Illinois.
State Farm discontinuing 72,000 home policies in California in …
Mar 22, 2024 · SACRAMENTO, Calif. (AP) — State Farm will discontinue coverage for 72,000 houses and apartments in California starting this summer, the insurance giant said this week, nine months after announcing it would not issue new home policies in the state.
State Farm Posts Worst HO Loss Ratio Since 2011; Peers Recover: …
Sep 25, 2024 · State Farm was the only one of 10 major players in the homeowners insurance market reporting a worse second-quarter loss ratio for the line than it did in 2023, according to a new analysis.