The Citizens board also approved a proposal Wednesday aimed at trying to reduce costly litigation.
Pointing to "almost incomprehensible growth," the president and CEO of Citizens Property Insurance Corp. said Wednesday the state-backed insurer could have 1.2 million customers by the end of the year.
Citizens, which was created as an insurer of last resort, has received a flood of policies during the past two years as private insurers have shed customers and sought hefty rate increases because of financial troubles.
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