Everest to Cap CA WC at $500M; NonRenew 40%

Adding to the capacity crunch in the California workers' compensation market, Everest National Insurance Co., through its general managing agent, Aaris out of San Francisco, yesterday circulated a letter to brokers stating that it is placing a cap on the amount of California work comp it will write.The insurance company, which is presently one of the larger private California carriers at $395 million in earned premium last year, says that it is capping its California exposure at $500 million for this year. This means the company is already not far from that cap; non-renewal of up to 40 percen...