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SACRAMENTO, Calif | State takes over failing insurer after California wildfire

SACRAMENTO, Calif. — California regulators moved Friday to take over an insurance company that can’t pay out all claims following a massive wildfire that destroyed more than 13,000 homes.

Merced Property & Casualty Company was pushed to insolvency by the fire that sparked Nov. 8 and nearly destroyed Paradise and surrounding towns, state Insurance Commissioner Dave Jones said.