Citizens pencils in reinsurance budget amid uncertainties

Florida Citizens Property Insurance has tentatively set aside
$70mn to spend on its reinsurance buying in 2017, as it faces
rising losses from water claims and assignment of benefits (AOB)
litigation.The insurer said it would be looking to replace "a
portion" of its expiring $2.16bn of reinsurance in what is
shaping up to be a challenging 2017 for the company.
It has estimated that it could secure $754mn of limit in
addition to an existing $300mn cat bond that...