Fitch Ratings has upgraded the rating on the following senior secured bonds of the Citizens Property Insurance Corp., FL, PLA/CLA to ‘AA-‘ from ‘A+’: –$1.1 billion series 2012A-1; –$200 million series 2012A-3 (SIFMA floating rate notes). The Rating Outlook is …
Florida hasn’t been hit by a hurricane since 2005, the longest stretch in more than a century. Its state-run property insurer isn’t taking any chances. Even though forecasters predict this year will produce the fewest named Atlantic storms since 1997, …
Citizens Property Insurance Corp.’s Board of Governors has approved the issuance of up to $1 billion in pre-event bonds to provide Citizens with readily available cash flow for the 2015 hurricane season and beyond. By unanimous vote on Tuesday, board …
Florida’s insurance regulators are two years ahead of schedule in ending an assessment used to retire a bond issued by the state-backed property insurer Citizens following the eight-storm 2004-2005 hurricane season. The move codifies a decision made by Citizens Property …
Florida’s state-backed property insurer will stop collecting a one-percent assessment that had been used to retire a bond issued following the 2004-2005 hurricane season. The Citizens Property Insurance Corp. board of directors decided the insurer will have the necessary funds …
