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Could Citizens go private route?

July 13, 2011 06:07PM

Citizens Property Insurance Chairman Jim Malone broached the idea of
privatizing the state-backed insurer yesterday at a meeting in Naples.
“I’m out of ideas as to how to lower the risk … and not have this train
wreck coming at us,” he said. Florida Gov. Rick Scott was also open to
the notion, saying that if privatization could lower the cost of insurance, he’d
“want to look at it very closely.” Malone was critical of a decision by
the Florida Legislature not to pass a law allowing the company to raise
premiums by more than 10 percent a year. [Sun