Florida’s Citizens Property Insurance Corp. last week retained long-time financial advisor and investment consultant, Raymond James and Associates Inc.
The governing board of the nonprofit state agency approved a new three-year contract renewable for two additional one-year terms at Citizens’ discretion.
Citizens has more than $11.5 billion of operating and tax-exempt assets under investment. It has $4.5 billion of outstanding debt rated A2 by Moody’s Investors Service and A-plus by Standard & Poor’s. Both agencies have a stable outlook on the bonds.
CPIC was created in 2002 to provide property insurance to homeowners unable to purchase it in the private market. It currently has 1.4 million policies with total exposure of $508.5 billion.
The St. Petersburg-based Raymond James also serves as the financial advisor to the nonprofit state-run Florida Hurricane Catastrophe Fund, which provides low-cost reinsurance to the state’s property insurers. The Cat Fund was created by the Legislature as a tool to keep private insurance companies and attract new ones to the hurricane-prone state.