Following nearly two years of modeling, stress-testing and refining its business model, Weston Insurance Co. is ready to embark on a "precedent-setting" move to assume about $30 billion in exposure from Florida's bloated last-resort insurer.
Weston has been approved to take out a total of 31,000 wind-only policies from Florida's Citizens Property Insurance Corp.—about 15 percent of Citizens' coastal-account exposure.
The plan includes the first-ever removal of commercial wind-only policies from Citizens—something the over-exposed, state-run insurer says no other company has expressed interest in doing.
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