Citizens Insurance Builds Reserve For Hurricane Claims

July 10, 2011

Citizens Property Insurance Corp. has lined up another $900 million to help pay claims if a major hurricane hits Florida.

The Citizens board recently heard a presentation  about the sale of bonds, scheduled to close July 14, that will give the state-backed insurer about $6 billion to cover claims in coastal areas.

The insurer also will have about $3.1 billion that has accumulated to pay claims in other areas of the state, spokeswoman Christine Ashburn said.

Citizens is the largest property insurer in Florida, with 1.358 million policies as of May 31.

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Written by William Reynolds · Filed Under News