Citizens Property Insurance Corporation Hears Financial Good News

Citizens Property Insurance Corporation issued the following news today regarding its strengthened financial foundation. 

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Citizens Property Insurance Corporation Hears Financial Good News

TALLAHASSEE, Fla. – A quiet 2006 storm season helped Citizens Property Insurance Corporation build a much stronger financial foundation, a company official said Thursday.

“As of May 30, we had a $1.9 billion surplus,” Citizens CFO Sharon Binnun told the corporation’s board of governors during a meeting Thursday. “Our total surplus for 2006 was $1.1 billion.”

Binnun said the lack of storms so far this storm season and a quiet storm season last year, along with an increase in policies, has increased overall revenue.

“We are facing the toughest 90 days right now,” said board chairman Bruce Douglas, referring to the three most active months of the hurricane season. “I believe we are prepared for the busiest part of this season, and we enhance our storm preparedness every day.”