Citizens reports $27.1mn loss for 2016

Citizens Property Insurance Corporation will turn a $27.1mn net
loss in 2016, its first annual loss since 2005.The state-backed insurer had warned previously that it could post a
loss because of spiraling litigation involving water-damage claims
during the year amid a surge in assignment of benefit (AOB)
abuses.
Citizens incurred minimal damage from last year's Hurricane
Matthew, the first major hurricane to impact Florida in 11
years.
The AOB situation involves policyholders signing over policy