The ongoing economic turmoil has taken a toll on Florida's state-run property-casualty insurer, which is facing losses of more than $223 million on its investments.
At a board of governors meeting Thursday, Sharon Binnun, Citizens' chief financial officer, said the company has about $500 million in troubled securities currently, with their current market value totaling only about half that amount. A spokesman for Citizens confirmed those number as accurate on Friday.
However, Ms. Binnun noted during the meeting that Citizens has made changes to its plans to better protect its investments, and the effect of the market collapse has been mitigated to an extent by limiting the amount of any one type of security the company invests in.
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