Posted On: May 20, 2008, 10:12 am CDT

Posted By: Robin

Ratemaker, I am very aware and educated on the Florida Guaranty Fund and the CAT fund surcharges being separate. I deal with this everyday. I just don't agree with it.

The monies for the premiums of the prior 20 years without any recurring hurricanes was not spent and exhausted by insurance companies in 2004. I receive many financial and P&L reports from insurers which were completed and audited by their respective CPA's, and most insurance companies in 2004, 2005, and 2006 still made a profit...just not in the margins they were accustomed to. This is the exact reason Allstate is in the hotseat.

If AM Best is going to rate you with A++ and they certify you have such funds to cover catastrophic events, then that insurance company along with it's reinsurance company need to pay until the very last dollar is spent. If it closes your doors, it closes your doors....but to the very last penny - before you even access $1 from the residents.

Ratemaker: I would be willing to say that the recently past President of Poe(which we both know is now insolvent) and all corporate officers of that company have more money in the bank on this date than you and I together. As well, they are more than likely living in more elaborate homes than you or I, and lastly driving a more luxurious car than you or I.