TALLAHASSEE - Florida's largest property insurer is shedding 60,000 policies -- many of them in South Florida -- under a questionable deal.
The board of Citizens Property Insurance voted 3-2 on Wednesday to transfer policies to a St. Petersburg company called Heritage Property and Casualty Insurance.
Heritage is less than a year old but it has already made large donations to the re-election campaign of Gov. Rick Scott. One lobbyist for Heritage is former Insurance Commissioner Tom Gallagher.
The unique deal calls for Citizens to pay roughly $52 million to Heritage.
Citizens officials defend the deal as a way to shrink the size of the state-created insurer.
But some Citizens board members publicly questioned how fast the deal was put together and why other companies weren't offered a similar deal.