The process involves the support of a group of California independent insurance agents and guidance from the California Department of Insurance.
TMA, which provides personal lines insurance exclusively in California, has announced it can no longer sustain its personal lines coverage and will therefore exit the market. According to filing data, the company held 12,556 home insurance policies and 2,732 personal umbrella policies.
TMA and TPIC’s departure from personal lines will not impact other companies within the Tokio Marine Group, and TMA will continue to offer commercial coverage to businesses in California.
To facilitate the transition, Mercury Insurance is collaborating with existing Mercury independent agents who also represent TMA, along with over a dozen TMA agents who have been offered Mercury agent appointments. This approach aims to ensure a smooth transition for customers and maintain continuity of service.
Gabriel Tirador, Chief Executive Officer and Director of Mercury, said: “Innovative solutions surface during challenging times. A diverse group of entities worked together on this project with the common goal of providing coverage for California insurance consumers. We believe very strongly in California’s future. The steps Commissioner Lara and the California Department of Insurance are taking to modernize the insurance market through the Commissioner’s “Sustainable Insurance Strategy” will help stabilize the market and create a transparent, sustainable model that will benefit California consumers.”
Daisuke Ugaeri, Chief Executive Officer at Tokio Marine America also commented, saying: “We are pleased to have reached an agreement with Mercury Insurance Group to support our personal lines agents and customers during this transition period. Tokio Marine America remains committed to commercial lines in California — and across the country — and supporting our agents and customers with exceptional service through this transition.”
Brandt Minnich, Mercury’s Vice President and Chief Sales Development Officer, added: “Tokio Marine America customers are similar to ours in terms of their coverage needs and their insurance agent relationships. Starting in January 2024, we began working with TMA to bring together a cohesive group of independent agents who could facilitate the transfer of their policies to Mercury for those customers who were interested, ensuring continuing coverage.”
Join Tokio Marine Leaders at Insurtech Insights USA in New York on June 5th
Masashi Namatame, Tokio Marine’s Group Chief Digital Officer will be taking part in the panel: Amplifying Outcomes: Leveraging Partnerships in Distribution
Robert Pick, EVP and CIO of Tokio Marine North America Services will be a main stage speaker for the session: GenAI: Revolutionizing Insurance with Intelligent Next-Gen Insurance Core Solutions
And Tamara Ashjian, VP, Cyber & Tech Claims for Tokio Marine HCC will be discussing: Driving Accessibility and & Awareness of Cyber Crime for SMEs
