Florida's largest property insurer is shedding 60,000 policies -- many of them in South Florida -- under a questionable deal.
The board of Citizens Property Insurance voted 3-2 on Wednesday to transfer policies to a St. Petersburg company called Heritage Property and Casualty Insurance.
Heritage is less than a year old but it has already made large donations to the re-election campaign of Gov. Rick Scott. One lobbyist for Heritage is former Insurance Commissioner Tom Gallagher.
The unique deal calls for Citizens to pay roughly $52 million to Heritage.
Citizens officials defend the deal as a way to shrink the size of the state-created insurer.
But some Citizens board members publicly questioned how fast the deal was put together and why other companies weren't offered a similar deal.
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
One person will win a three-year lease on a 2013 Honda Civic Lx Sedan automatic.
Click to see the latest mugshots, plus this week's wanted fugitives.
This feature packed upgrade brings you faster performance, easier navigation, and stunning improvements to photos, video and readability.
Latest Money Headlines
Facebook will join the Standard & Poor's 500 stock index, replacing technology supplier Teradyne Inc., while Abercrombie & Fitch is downgraded from the benchmark index.