LONDON, Feb 18 (Reuters) - Florida Citizens Property Insurance Corporation will sell $250 million of hurricane coverage to investors in 2013 to recoup some of the cost of covering natural disasters in the state, the insurer said.
Florida Citizens said it would increase its hurricane protection coverage to $1.75 billion this year, by selling an extra $250 million via a “catastrophe bond”, notes from a board meeting showed.
The state-backed insurer sold a $750 million cat bond last year, saying it was cheaper than buying traditional reinsurance for Florida hurricane risk.
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