Citizens Board Approves $2.46B Risk Transfer Program for 2016 Hurricane Season

Florida’s Citizens Property Insurance Corporation’s Board of Governors has approved a $2.46 billion risk transfer program as the state heads into the 2016 hurricane season, the insurer said in a statement.

By unanimous vote, Citizens Board approved a package that includes traditional 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,” Citizens said.

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