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Citizens closes $750 million reinsurance bond, setting record

Citizens Property Insurance Corp. closed on $750 million in wind risk catastrophe bonds on Tuesday, the largest single tranche bond offering of that type to capital markets.

But one month away from the start of hurricane season on June 1, the state-run insurer is not finished gathering reinsurance. It has budgeted $1 billion for reinsurance this year, and will buy the rest of its reinsurance coverage later this month.

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