Florida’s Citizens Property Insurance said this week it has lined up $1 billion in credit and closed a deal to issue bonds for nearly another billion to pay hurricane claims if needed.
The state-backed company is now Florida’s largest property insurer.
Citizens Chief Financial Officer Sharon Binnun said the company closed the two separate deals, giving the company a total of more than $9.4 billion readily available to pay storm claims if needed.
In one transaction, the company lined up a $1 billion line of credit with a syndicate of banks led by Citigroup and J.P. Morgan. In the other, it announced a $950 million taxable auction-rate bond issue with a group of investment banks led by Citigroup.
Was this article valuable?
Here are more articles you may enjoy.
India’s Largest Nuclear Power Plant Hit by Data Breach 
Models Stripped of Insurance Cover for Club’s Unauthorized Use of Their Images 
Tropical Storm Watches Posted Across Florida’s Panhandle Region 
London Broker Howden Plots Giant Capital Raise on IPO Path 
