Tuesday, June 1, 2010

Citizens Says Losses Rose 34 Percent Over Previous Year

May 28--Citizens Property Insurance Corp. reported that losses rose 34 percent over a year ago, due largely to sinkhole claims from both residential and commercial policyholders. The state-run insurer of last resort posted net income of $191.3 million for the year ended March 31, down 41 percent. Citizens saw a 1 percent rise in the number of policyholders last year, to 1,051,373, but expects that number to grow with the recent liquidation of two private insurers, Magnolia and Northern Capital Insurance.

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