Fla.'s Citizens Property Insurance Drops Wind-Only Policies

Law360, Miami (February 12, 2013, 10:13 PM EST) -- The board of Florida's Citizens Property Insurance Corp. on Tuesday approved the removal of the company's wind-only policies by Weston Insurance Co., a precedent-setting move that greatly reduces Citizens' exposure and could encourage investment in the state's insurance market.

Florida-based Weston will take on approximately 31,000 personal residential, commercial residential and commercial nonresidential policies totaling $30 billion, or nearly 15 percent, in exposure for the coastal account of Citizens, a state-backed nonprofit insurer the Legislature established in 2002 as the state's insurer of last resort....
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