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Feb. 08--The board of state-run property insurer Citizens will meet Monday to consider approval of what company documents call a first-ever transfer of 31,000 wind-only customers in coastal areas to a private insurer, Weston Insurance Co.
The documents don't specifiy where the customers are located, though Weston has offices in Miami. The deal must be approved by the Citizens board Monday.
"No depopulation of Commercial Residential Wind-Only policies from the Coastal Account has occurred in Citizens' history," a statement from Citizens said Friday.
The Weston takeout will remove approximately $30 billion in exposure from Citizens' Coastal Account, resulting in an $840 million decrease in its probable maximum loss in the event of a 1 in 100-year storm, the statement said.
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