Fla.'s Citizens Insurance Sheds $14B In Exposure

Law360, Miami (May 22, 2013, 7:30 PM EDT) -- The board of Florida's state-backed Citizens Property Insurance Corp. on Wednesday narrowly approved a deal allowing nine-month-old Heritage Property and Casualty Insurance Co. to take over 60,000 of its homeowners insurance policies that add up to about $14 billion in exposure.

The board voted 3-2 to give the St. Petersburg-based startup insurer $52 million to take over the policies as part of Citizens' efforts to shed policies and reduce risk. In addition to the decreased exposure, the move also saves Citizens about $10 million in premiums...
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