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20th Century Insurance

NEWS
June 10, 1994 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
In a move certain to shake up the Southern California insurance market, earthquake-battered 20th Century Insurance Co. said Thursday that it will stop selling earthquake policies immediately and phase out all homeowner coverage over the next two years. The big insurer's exit increases fears that consumers--especially in the Los Angeles Basin--will have trouble finding earthquake insurance.
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NEWS
June 10, 1994 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
In a move certain to shake up the Southern California insurance market, earthquake-battered 20th Century Insurance Co. said Thursday that it will stop selling earthquake policies immediately and phase out all homeowner coverage over the next two years. The big insurer's exit increases fears that consumers--especially in the Los Angeles Basin--will have trouble finding earthquake insurance.
BUSINESS
May 10, 1994
We are writing in response to a "Letter to the Editor" from Ray Boston, published in the April 26 Los Angeles Times, Valley Business section, concerning his dissatisfaction with telephone service at 20th Century Insurance. We appreciate Mr. Boston's comments and apologize for his inconvenience. We certainly agree that the level of phone service at 20th Century following the Northridge Earthquake was, at times, below our standards. In addition to the regular volume of automobile and homeowner claims, we received 40,000 earthquake-related claims in the first few weeks following the earthquake.
BUSINESS
April 26, 1994
20th Century Industries' two insurance subsidiaries had their claims-paying ability ratings cut for the second time in a week Friday as a result of the Jan. 17 Northridge earthquake. Standard & Poor's Corp. said it lowered the claims-paying ratings for 20th Century Insurance and 21st Century Casualty to BBB+ from A. Three days earlier, the rating agency lowered the units' ratings from AA.
BUSINESS
March 18, 1994 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
20th Century Industries Inc., parent of 20th Century Insurance Co., on Thursday doubled its estimate of claims costs from the Northridge earthquake to $325 million, saying the damage was more severe and widespread than earlier believed. The Woodland Hills-based insurer has its greatest market share in the San Fernando Valley, where the destruction was heaviest, and thus may have been proportionately harder hit by the Jan. 17 quake than any other carrier.
BUSINESS
February 15, 1994
20th Century Industries has asked the California Department of Insurance to approve a 21.8% rate increase for homeowner insurance policies issued by the company. Woodland Hills-based 20th Century Insurance Co., a subsidiary of 20th Century Industries, insisted in a written statement that the increase is not due to the claims it has paid out after the Northridge earthquake last month.
BUSINESS
April 27, 1993
20th Century Industries, the Woodland Hills-based parent of 20th Century Insurance, reported an 8% drop in profit for the first quarter, citing greater volume of automobile and homeowners' claims because of the wet winter in Southern California. For the three months that ended March 31, the company earned $23.9 million, compared with $26.1 million a year earlier. Revenue, however, was up 9% for the quarter, to $263.1 million from $242.2 million a year earlier.
BUSINESS
February 23, 1993
20th Century Industries, the parent of 20th Century Insurance, said its fourth-quarter profit rose 19% from a year earlier, to $23.4 million from $19.7 million. The earnings gain in the quarter that ended Dec. 31 came on an 11% increase in 20th Century's net premiums written--an industry gauge of operating revenue--to $240.9 million from $217.8 million.
BUSINESS
November 30, 1992 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
Four years ago, California voters poured sugar in the insurance industry's gas tank. Fed up with rising premiums and what they saw as the industry's indifference to their pain, they voted themselves a 20% rate rollback and other reforms under Proposition 103. The vote sparked similar legislation across the country and prompted much soul-searching in the industry. In California, there has been constant legal thunder and lightning since the 1988 initiative, but just a relative drizzle of rebates.
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