Liberty Mutual Insurance will discontinue its business owner policies in California starting this fall and will not be renewing current policies after December.
“We regularly assess our position in every market to ensure we are delivering competitive, innovative products that meet our customer needs while achieving our business goals,” a Liberty Mutual spokesperson told Insurance Business.
“Sometimes that results in a determination that a product is no longer effectively delivering on those aspirations, and we must retire that line.”
Effective October 1, 2023, the insurance company will no longer offer a businessowners policy (BOP) in California and it will not be renewing its current book beginning in December, the spokesperson confirmed.
“We remain committed to the commercial insurance market in California and continue to offer other insurance products for small businesses throughout the state,” the spokesperson said.
Insurance Business understands that the business affected represents less than 1% of the overall multi-peril insurance market in the state.
The decision by Liberty Mutual follows a trend of other insurance companies, including State Farm and Allstate, halting new home-coverage policies in California.
Earlier this month, Liberty Mutual announced a reorganization that would lead to the elimination of around 370 jobs.
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