Citizens Property Insurance board places $102.8 million settlement on the table

The board of directors from the Louisiana Citizens Property Insurance Corp. has offered a settlement worth $102.8 million to the 25,000 policyholders in the state, who have been arguing that the agency took too long in their claims adjustment process following 2005’s Hurricanes Katrina and Rita. The offer was made following the board’s 12-0 vote at a public meeting, following a 2 and a half hour discussion that addressed the litigation. The settlement included an offer to pay $92.8 million to the 18,563 people who took part in the Geraldine…

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