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Split Citizens Property Board OKs Policy Takeout Deal

May 22, 2013 - 6:00pm

A relatively new St. Petersburg-based insurance company with a few deep Tallahassee ties was given the go-ahead on the eve of the 2013 hurricane season to be paid to acquire policies from Citizens Property Insurance Corp.

The Citizens board Wednesday narrowly gave approval for Heritage Property & Casualty Insurance Co. to take out up to 60,000 policies from among Citizens' less-risky personal lines accounts and coastal accounts, with the company getting up to $52 million from the state-backed agency.

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