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Thousands of California homeowners will be out of luck as American National Group stops offering the state coverage.
American National, which was purchased by Brookfield Asset Management Reinsurance Partners for $5.1 billion around two years ago, is yet another insurance agency to leave the state as home repair prices surge amid wildfires and heightened HOA costs.
The insurance agency is leaving eight other states as well due to revenue losses, and all policies will officially end by this fall. Policyholders should expect their non-renewal notices as early as August.
Roughly 36,475 homeowner policies were covered in California by American National as of December, but soon these homeowners will have to find a new insurance company.