Citizens Property Insurance Corp.’s Board of Governors has approved the issuance of up to $1 billion in pre-event bonds to provide Citizens with readily available cash flow for the 2015 hurricane season and beyond.

By unanimous vote on Tuesday, board members approved a recommendation by Citizens Chief Financial Officer Jennifer Montero to continue Citizens’ ongoing liquidity financing program and replace coverage from similar bonds that begin to expire in June.

Citizens now has access to approximately $2.6 billion from such pre-event bonds, but most of that will mature over the next three years, with $490 million expiring in June 2015, and $1.7 billion expiring over the next two years.

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