Citizens Property Insurance Corp. News

Florida House Speaker Questions Unique Citizens Deal

A backlash is quickly growing against the decision of Florida’s largest property insurer to shift thousands of policies to a start-up insurance company. Just two days ago Citizens Property Insurance Corp. narrowly approved an agreement that calls for paying $52 …

Large Citizens Rates Would Require Legislative OK

Large rate hikes for customers of Louisiana’s property insurer of last resort would require legislative approval, under a bill that received Senate Insurance Committee backing. St. Mary Parish Sen. Bret Allain sponsored the measure after residents of his parish who …

No New Plan for Dealing With Citizens’ Budget Gap

The governing board for Louisiana’s property insurer of last resort didn’t choose an alternate approach Wednesday to balance the company’s books after a $100 million borrowing plan stalled at the state capitol. Instead, Steve Cottrell, chief financial officer for the …

Louisiana Commissioner Opposes $100M Citizens Insurance Borrowing Plan

Louisiana Insurance Commissioner Jim Donelon said it’s premature for the state property insurer of last resort to borrow $100 million to help close a budget gap, according to a letter released March 19. Donelon’s assessment came after the board for …

Florida Governor and Cabinet to Review Plans for Citizens

Florida Gov. Rick Scott and members of the Cabinet are being asked to approve a plan to hand over some duties of the state’s largest insurer to private vendors. Citizens Property Insurance CEO Barry Gilway will give a presentation Tuesday …

Citizens Board Approves Borrowing $100 Million

Louisiana Citizens Property Insurance Corp.’s board has voted to borrow $100 million through bonds to cover a $70 million shortfall – in direct defiance of the Jindal administration’s wishes. In an email after Thursday’s vote, The Advocate reports Division of …

Louisiana’s Citizens Property CEO Retiring

Louisiana Citizens Property Insurance Corp. Chief Executive Officer Richard Robertson says he plans to retire June 1. Robertson told The Advocate he will return to Michigan. He had been general manager of Michigan Basic Property Insurance Association, Michigan’s state-backed insurer, …

Class Action Lawsuit Filed Against Florida’s Citizens

A potential class action lawsuit filed against the state-backed Citizens Property Insurance Corp. alleges the company purposefully deprived customers of windstorm mitigation discounts through an arbitrary re-inspection program that lawyers estimate has cost customers nearly $200 million in lost credits. …

Citizens to Free Itself of Some Condo Policies

The governing board of state-backed Citizens Property Insurance Corp. has approved another “depopulation” plan to move thousands of its coastal hurricane policies to a private insurance company. The board voted Monday to allow the Florida-based Weston Insurance Company to assume …

Citizens Settlement OK’d Over Katrina, Rita Claims

Louisiana Citizens Property Insurance Corp. on Wednesday finalized a $20 million settlement related to claims handled after hurricanes Katrina and Rita, wrapping up one of two remaining storm-related settlements that have weighed on the company. Orleans Parish Civil District Judge …