California Sees Two More Property Insurers Exit From Market (1)

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 of $11.3 million.

“Given the small segment of personal lines business we write and escalating costs, we cannot sustainably support personal lines coverages and do not plan to return,” the company ...