Never mind the risk exposure of state-run property insurer Citizens is shrinking — its board decided Thursday to spend more of its ratepayers’ money, $327 million, on private reinsurance in 2013.
Travel to meet with reinsurers in the Caribbean and Europe has helped lead to unflattering stories about $600-a-night hotel rooms, wining and dining, and executive travel costs. Officials at Florida’s last-resort insurer have moved to impose tougher standards on expenses, but it hasn’t dimmed their enthusiasm for reinsurance.
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