Editor's note: Steven A. Meyerowitz, Esq., is a director of FC&S Legal. FC&S and PC360 are both owned by Summit Professional Networks.
Citizens Property Insurance Corp.'s board of governors approved a $3.1 billion risk transfer program for the 2014 hurricane season that, it said, capitalizes on favorable market conditions to increase reinsurance coverage at a lower price.
As a result, Citizens says it has raised its reinsurance protection by nearly 70% from previous levels while still anticipating growth in its 2014 surplus of roughly $600 million. After these new risk transfer transactions are closed, Citizens says it will have approximately $3.1 billion in reinsurance available in the event of a major storm or series of storms this hurricane season.
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