The Real Deal Miami

Future of Citizens explored

July 15, 2008 10:32AM

Citizens Property Insurance, a government-created, not-for-profit
insurer that was once meant to be temporary, is now Florida’s largest
insurer of homes, condos and apartments, and has ballooned as private
insurers failed to provide coverage of last resort. Concerns are
mounting that with 1.3 million policyholders, it’s gotten too large to
handle a potentially disastrous hurricane, though Bruce Douglas,
Citizens’ outgoing chairman of its board of governors, and Scott
Wallace, its president, say the company is ready to deal with a major
storm.