Fla.’s Citizens Property Insurance Corp. Reports Financial Update

A quiet 2006 storm season helped Citizens Property Insurance Corp. build a stronger financial foundation, a company official said.

“As of May 30, we had a $1.9 billion surplus,” CFO Sharon Binnun told the corporation’s board of governors during a meeting Thursday. “Our total surplus for 2006 was $1.1 billion.”

Binnun said the lack of storms so far this storm season and a quiet storm season last year, along with an increase in policies, has increased overall revenue.

“We are facing the toughest 90 days right now,” said board Chairman Bruce Douglas, referring to the three most active months of the hurricane season.

Source: Citizens Property Insurance Corp.