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From the staff of the Tampa Bay Times

After big donations to Gov. Scott, insurance company may reap $52M

TALLAHASSEE — Two months after contributing $110,000 to Gov. Rick Scott's re-election campaign, an upstart property insurance company is likely to reap a $52 million windfall, paid from the coffers of Citizens Property Insurance Corp.

Sitting on a record cash surplus of $6.4 billion, Citizens is hoping to sign a special deal today with Heritage Property and Casualty Insurance Co., a St. Petersburg firm that opened nine months ago and has made significant political contributions.

Heritage has donated more than $140,000 to Scott and the Republican Party of Florida in recent months, and spent tens of thousands more lobbying the Legislature. Now it's in line to get special treatment from Florida's state-run insurance firm in the form of an unusual and lucrative "reinsurance quota share" agreement.

If the Citizens board of governors approves today, the state-run insurer will pay Heritage up to $52 million to take over 60,000 policies, about $866 a piece.

Full story here.

[Last modified: Wednesday, May 22, 2013 11:43am]

    

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