The insurance company canceled thousands of California homeowners' insurance policies last year in an attempt to avoid "financial failure."

The outbreak of deadly wildfires in Southern California has prompted criticism of insurers who have dropped coverage in the state due to regulations that make it hard to price for risk.

Los Angeles wildfires have led to significant property destruction amid an insurance crisis for homeowners. With rising premiums and fewer coverage options, many are vulnerable as they try to recover from the devastation.