SACRAMENTO, Calif. —
Five property insurance companies are coming back to California, the California Department of Insurance confirmed Wednesday.
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The development comes about nine months after Insurance Commissioner Ricardo Lara and the department overhauled California's insurance regulations after several had either dropped policies or left the state.
The list of the companies returning to California include three of the state's largest insurers. The five companies are Mercury, CSAA, USAA, Pacific Specialty and California Casualty.
The new rules that lured the companies back to the state allow insurance companies to consider new factors when they set premiums, including the likelihood of a catastrophe and the cost insurance compani