The Real Deal Miami

Citizen Property makes money

February 19, 2009 11:49AM

State-run Citizens Property Insurance ended 2008 with $3.1 billion in the bank in addition to its claim reserves of $7.2 billion. The new figure represents an 18 percent gain over the past year. Florida has been spared major hurricane damage for three years in a row, but claims paid increased 15 percent because of an increase in fire, theft and water damage claims. The company paid out about $55 million in claims from Tropical Storm Fay.