California E&S Insurance

> Investors want returns relative to the general market State Farm is actually run as a mutual for the benefit of the policyholders. It’s a co-op. The rest of your comment still holds, though. They can’t sell insurance for less than the costs of covering losses, or else the mutual firm simply goes out of business, by arithmetic, and no one has insurance. To put it another way, California policyholders are basically at risk of being “voted off the island” by the policyholders in other states.

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