Allstate to stop insuring Calif. homes

Allstate Corp. will stop writing new homeowners policies in California beginning
in July, the company said Thursday.

An Allstate spokesman said the
move was to help control its catastrophe exposure in the state, which is prone
to wildfires and earthquakes.

The move will not affect current
customers, nor will it affect auto insurance. Allstate agents in the state will
continue to work with customers, but will offer new homeowners customers
insurance through partner Pacific Specialty Insurance Co.

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