Citizens board OKs 2016 risk transfer program

Citizens Property Insurance Corp.’s Board of Governors on Tuesday approved by a unanimous vote a $2.46 billion package that includes reinsurance and capital market risk transfer to protect policyholders and eliminate the risk of assessment on all Florida policyholders in the event of a catastrophic storm or series of events.

“This risk transfer package represents a well-reasoned approach to protecting Citizens policyholders and Citizens’ surplus,” said Chris Gardner, chairman of Citizens'…

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