Citizens Finance and Investment Committee Meeting Report: August 27
Aug 31, 2009
Citizens Property Insurance Corporations’ (“Citizens”) Finance and Investment Committee (“Committee”) met on Thursday, August 27, 2009 to review Citizens’ investment portfolio. To view the complete meeting agenda, click here.
John Forney from Citizens’ financial advisor Raymond James and Associates reviewed the financial market status, stating that “it appears as though the worst is over.” Given the improvements, two major money management initiatives are being developed for Citizens:
- Promoting investor interest through personal meetings with potential and current investors
- Defining Citizens’ current money management needs
Citizens’ Chief Financial Officer Sharon Binnun reported on Citizens’ investment portfolio. As of June 2009, Citizens had approximately $8.37 billion in its investment portfolio, with an average maturity date of 35 days or less. Approximately $4.26 billion is being managed by Citizens’ external investment managers. Of this taxable portion of the portfolio, 45 percent comprises government and agency securities; 34 percent is invested in AAA-rated money market funds and 14 percent is in corporate bonds. One hundred percent of the tax-exempt portion of Citizens’ portfolio is invested in AAA-rated money market funds.
No significant changes in the portfolio were reported during July 2009.
To view Citizens’ June 2009 Investment Report, click here.
The meeting was then adjourned.
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