Citizens records $1bn net loss in nine months
Citizens Property Insurance Corporation posted a net loss of $944.2 million for the period between January and September 2017.
This compares to a net profit of $71.9 million in the same period a year ago.
The net underwriting loss was $1.04 billion compared to $11.0 million in the first nine months of 2016.
End of September, Citizens said that Hurricane Irma would generate up to 70,000 claims and approximately $1.23 billion of insured losses to the corporation.
Citizens was created in 2002 by the Florida Legislature as a not-for-profit alternative insurer, whose public purpose is to provide insurance to, and serve the needs of, property owners who cannot find coverage in the private insurance market.
Net premiums earned fell to $487.5 million in the first nine months of 2017 compared to $506.3 million in the same period a year ago.
Don't miss the latest industry news - Sign up to our free email newsletters
Aspen expects rate increases of up to 20%
Hiscox appoints NA head of business development from Lloyd’s
Allianz alternative risk transfer head departs after 15 years; successor named
XL Catlin names Coface hire as new country manager for Germany
Saudi insurance market faces consolidation
North P&I Club creates Brexit unit in Ireland
Epsilon appoints head of new accident and health division from Beazley
