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more corrupt leaders in florida. there just is no end to these people. get rid of all of them. hire some responsible prudent people.
“Citizens President Barry Gilway defended the need for international travel, saying it is important for the insurer as part of its efforts to purchase reinsurance and issue bonds.”
This is true. Someone needs to give Fasano a lesson in how an insurance company operates. Reinsurance gives the Florida taxpayer a break from having to take on Citizens claims. There would be no reinsurance if someone from Citizens didnt go and petition for it in person.
Ok, ONE or TWO people need to go, not a whole tribe.
Actually you dont understand the process, it does take a ‘tribe’. Mr. Fasano is just grandstanding to get votes. His actions are doing nothing but causing our insurance rates to go up. It’s quite simple actually, if a company can make a profit selling a certain product, they will keep selling it. It’s apparent that this is not the case with insurance companies in Florida or they would want to do business here.
Amazing the article didn’t report the CFO saved Citizen’s $47,000,000 on that trip but that she spent an extra few hundred to get some rest. I’ll take that ROI anytime.
If only grandstanding like this could be consisdered a crime, subject to full prosecusion….
The appearance of representatives from Citizens heading to Bermuda looks bad on the surface. And that’s why Grandstander Flash (Mike Fasano) is on this like a fat kid on a pizza.
Change US GAAP to allow insurers to set aside CAT reserves before a CAT occurs and maybe we’d have local reinsurance that would be able to compete for this business.