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Citizens Invested In Shaky Fund

December 6th, 2007 by Mike Vasilinda

Citizens Insurance, the high risk insurer in Florida,  is among the investors who have had their cash frozen in a state-run investment pool. The pool reopened Thursday for limited withdrawals, but Citizens is leaving all of its nearly two billion in cash in the fund. The good news is that Citizens has enough cash to operate, but if a major catastrophe were to hit the state, the insurer would be strapped for cash.

“We’re in a different situation than a lot of the cities and the counties and the school districts, in that this is surplus money for us,” Citizen Insurance spokesman Rocky Scott said. “This isn’t operating money. We don’t need this to run our operation, we don’t need it to make payroll. We don’t need it to make anything other than catastrophic damage claims.”

Citizens also has about 260 million invested in the state pool that went into questionable investments. It is unlikely the insurer will see any of that cash for a year or more, it ever.

Posted in State News | 2 Comments »

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