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From the staff of the Tampa Bay Times

Big pay hikes for Citizens execs, while premiums go up for homeowners



While Citizens Property Insurance has been raising homeowners' rates, executives have been treated to big five-figure raises and cushy perks. 

A story in today's Tampa Bay Times highlights the company's cognitive dissonance, as it pleads poverty while its giving out huge financial rewards to execs.

From the story:

While Mother Nature has spared Florida from hurricanes since 2005, Citizens has taken in billions of dollars in premiums from homeowners. Citizens also received a $715 million taxpayer bailout and the promise of millions more if it ever runs out of money again. Awash in a record amount of cash and bolstered by a taxpayer safety net, the state-run insurer has been operating more like a private company than a tax-exempt government entity.

For the company's execs, that has meant pay raises, luxury hotel stays, international plane tickets, limousine rides and wine-fueled dinners — all paid with the corporate credit card.

Read more here.

[Last modified: Monday, February 18, 2013 10:50am]


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