Moody's Investors Service lowered its outlook on High RiskAccount (Citizens HRA) of Citizens Property Insurance Corporationto negative from stable, reflecting the Florida insurer's heavycatastrophe losses during 2005.
Moody's affirmed the "A2" senior debt rating on the Personal andCommercial Lines Account and the "A3" senior debt rating on theCitizens HRA.
Besides the catastrophe losses, Moody's said it based itsdecision on the potential for significant increases in riskexposures for the future, as private market insurance companiesscale back their Florida homeowners insurance exposures.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
