Filed under: Deals, JPMorgan Chase (JPM), Goldman Sachs Group (GS)
Florida’s insurer for high-risk homeowner policies, Citizens Property Insurance Corp., is issuing a bond to beef up its balance sheet. The state property insurer, which takes on the risks that private insurers in the state will not, is looking to raise around $2.5 billion.
The “pre-sale” ends on April 6, 2009 and was called “very successful” by Citizens CFO Sharon Binnun, who continued, “We met our liquidity goal for the year.” A quiet hurricane season in 2009 left Citizens, the largest property insurer in the state, with a surplus of around $14 billion.
Continue reading Florida Insurance Bodies to Issue Bonds
Florida Insurance Bodies to Issue Bonds originally appeared on BloggingStocks on Tue, 30 Mar 2010 12:00:00 EST. Please see our terms for use of feeds.
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