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Citizens Insurance lost $27.1 million during 2016; first loss in a decade

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Citizens Property Insurance Corp. lost money for the first time in a decade because of water loss claims, assignment of benefits abuse, and rising litigation costs, the company said Wednesday. Staff at Florida’s insurer of last resort told its board of governors that they expect to post a $27.1 million loss for 2016. “Every year, we rely on standardized, accepted actuarial principles to set our rates,” chairman Chris Gardner said in a press release. “Last year, the same principles that provided rate decreases to…

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Insurance attorney at Florida Chamber summit: Assignment of benefits = “sinkholes lite”

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The legal maneuver known as “assignment of benefits” rivals or even outstrips mother nature herself as a threat to coastal Florida policyholders, according to a top staffer with a state-owned insurer and an insurance industry lawyer. At the Florida Chamber of Commerce‘s annual Insurance Summit at a Disney resort near Orlando, Angel Conlin, General Counsel for American Strategic Insurance Company, joined a chorus of antipathy for the practice and for trial lawyers who lucratively employ it Tuesday afternoon. Conlin said so-called…

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