NU Online News Service, Jan. 5, 3:11 p.m. EST
Florida Citizens Property Insurance Corp. is considering the use of private reinsurance, and its risk-transfer plan this year could also include the issuance of its first catastrophe bond.
Spokeswoman Christine Ashburn says the board of the state-backed insurer—which has grown to become Florida's largest insurer of property—has “supported a long-term buying approach—becoming a regular buyer” of private reinsurance, instead of relying solely on the Florida Hurricane Catastrophe Fund, which is in the midst of shrinking.
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