"Returning $39,778,406,648 in exposure to the private market represents a major step forward in our depopulation efforts,� Citizens CEO Barry Gilway said in a prepared statement. File photo from Citizens Property Insurance Co.
Citizens Property Insurance Corp., the state-run company that is the largest property insurer in Florida, announced last week that 229,500 of its policies have been taken over by private companies in 2012. More than half of those policies – 142,165 of them constituting nearly $40 billion of risk – were taken over on Nov. 6.
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