American National Withdraws Homeowners Insurance in Nine States

The insurance company cites declining profitability and increased weather-related claims as key reasons for its decision.

• American National Group, owned by Brookfield Asset Management Reinsurance Partners, is ceasing its homeowners insurance business in nine states due to declining profitability.
• The states affected are Arkansas, California, Colorado, Louisiana, Minnesota, Oklahoma, South Carolina, South Dakota, and Washington.
• Increased frequency and severity of weather events, alongside inflationary pressures, have led to a rise in claims and costs, impacting profitability.
• Other major insurance firms like Allstate, Farmers, and State Farm have also stopped providing homeowners insurance in certain states for similar reasons.
• Homeowners in the affected states are facing higher premiums and may struggle to find new insurance providers amid a deepening insurance crisis.

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