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Business Today

By wire services
Published February 10, 2005

CITIZENS HAS CLOSED 90 PERCENT OF CLAIMS: Citizens Property Insurance, the beleaguered state-run property insurer of last resort, said Wednesday it has closed 90 percent of claims stemming from last year's hurricanes. Citizens also said it has resolved more than 89 percent of storm-related consumer complaints. The update came during a meeting of a task force created by state Chief Financial Officer Tom Gallagher to oversee Citizens' response to storm victims. In addition to other suggestions, Gallagher on Wednesday urged the insurer to use fewer third-party adjusters and to change its bonus plan that rewards companies that take high-risk policies out of Citizens. Gallagher wants to extend the "take-out" commitment from three years to five years. Separately, Florida regulators issued a permit to a new homeowners insurance company called Security First Insurance, which is being formed through taking at least 15,000 policies out of Citizens Property. Security First will be based in Ormond Beach.

5.1-MILLION VISITED PINELLAS COUNTY: Nearly 5.1-million overnight visitors came to Pinellas County last year, an increase of 4.7 percent over 2003, according to the St. Petersburg/Clearwater Area Visitors and Convention Bureau. The number of visitors from the Northeast, Canada and Europe all showed increases, the agency said.

COAST BANK OPENS ST. PETERSBURG BRANCH: The first Coast Bank of Florida branch in Pinellas County opened Saturday in St. Petersburg at 111 2nd Ave. NE. Three more branches are planned to open in Pinellas by the end of March. Coast Bank of Bradenton also will add 36 ATMs in Pinellas, Manatee and Sarasota counties. The St. Petersburg office is Coast Bank's eighth branch.

[Last modified February 10, 2005, 00:33:14]