Citizens to sell $2.5bn bonds to fund hurricane claims
Florida's state-run property insurer Citizens Property
Insurance Corp is set to sell $2.5bn of pre-event bonds to raise
funds for potential claims arising out of the forthcoming hurricane
season.
The non-profit insurer plans to issue tax-exempt, fixed rate bonds
with maturities of one to five years, subject to market conditions,
after receiving approval from its board of governors in a meeting
last week.
Funds will be placed into Citizens' high risk account after
warnings from the insurer's chairman James Malone...
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