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Squire Sanders Prepares Florida Insurance Company Before Storms Hit

Citizens Property Insurance Corporation, a statutorily created insurer of last resort that provides property and casualty insurance to qualified risks in Florida, needed to enhance its ability to pay claims arising from windstorm and other weather-related events. Lawyers from Squire Sanders’ Miami and Cleveland offices, serving as bond counsel, worked with Citizens, its investment bankers and its financial adviser to design a complex and innovative financing structured as nine separate series of taxable, auction-rate securities, totaling US$750 million overall. The end result? When Florida was hit by four hurricanes that marked one of the worst hurricane seasons in the state’s history, Citizens was in position to pay the resulting damage claims. The Bond Buyer, the premier publication reporting public financing nationally, selected this issue as its “Deal of the Year.”

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