Home insurer withdraws from state

Crestbrook Insurance Co., a subsidiary of Nationwide, is the latest insurer to withdraw home coverage from California, according to public filings.

By June 15, 2025, Crestbrook, also known as Nationwide Private Client, will stop renewing all home insurance policies within the state, according to a filing with the California Department of Insurance. The move is part of a nationwide decision to scale back Nationwide's Private Client business, which specifically caters to wealthy homeowners, according to a Nationwide spokesperson.

Crestbrook stopped writing new policies in December, according to documents filed with the Department of Insurance. The company currently insures 20,275 policies in the state worth more than $38.4 million in premiums, according to its filing.

"Like everyone else in our industry, we are taking the necessary actions that ensure long-term viability and allow us to offer protection at a competitive price to customers across all our business lines who represent many types of needs," the spokesperson said in a statement. "Market trends are prompting us to get more distinct and specific about which markets we serve and how we allocate our resources more efficient and effectively."

As of 2022, Nationwide was the 14th largest insurer in California with about a 2.4% market share, according to the Department of Insurance. That year, the company reported record sales of $57 billion nationwide.

The spokesperson said the decision would not impact policies beyond the Private Client brand. The decision to withdraw will only impact "a very small portion of Nationwide's overall Personal Lines book across the country," the spokesperson said.

In October, industry publications Coverager and the Insurer reported Nationwide would be retiring its Private Client brand, which targeted high-net-worth individuals -- those with more than $1 million in investable assets, according to consulting firm Capgemini -- in favor of focusing on a larger swath of "affluent" people, who have assets between $250,000 to $1 million.

Over the next few years, Nationwide plans to migrate all of its personal insurance lines into a single brand, according to the company spokesperson.

Reach Megan Fan Munce: megan.munce@sfchronicle.com