20th Century Reduces Rates for California Drivers by 6.8 Percent
29 December 1998
20th Century Reduces Rates for California Drivers by 6.8 Percent
WOODLAND HILLS, Calif.--Dec. 28, 1998--20th Century Insurance Co. today announced that the company will be reducing its rates in California by an average of 6.8 percent, effective Feb. 15, 1999.
The Department of Insurance approved the rate reduction in response to 20th Century's request.
Since 1996, 20th Century has decreased its rates in California by 25 percent.
"We requested this rate decrease as part of our continuing commitment to provide California's safe drivers with the lowest possible premiums consistent with good business practices," said 20th Century President and Chief Executive Officer William L. Mellick. He pointed out that the reduction is the direct result of fewer claims and associated costs.
20th Century, which provides personal automobile insurance for more than 1 million drivers, has been approved to begin offering its good-drivers-only insurance programs in the states of Nevada, Oregon and Washington. The company will have operations in Arizona, California, Nevada, Oregon and Washington.
20th Century Industries is the ninth-largest personal-auto- insurance stock company in the United States. Founded in 1958, the company is traded on the New York Stock Exchange under the trading symbol TW.
The company's wholly owned subsidiary, 20th Century Insurance Co., markets personal automobile and personal excess liability insurance. 20th Century Insurance Co. sells directly to consumers without agents.
20th Century Industries is headquartered at 6301 Owensmouth Ave., Woodland Hills, Calif. 91367; telephone 818/704-3514. 20th Century's address on the Internet is www.20thCenturyInsurance.com.
