Florida CAT fund News

Is This Right Time to Restructure Florida CAT Fund?

A move to restructure Florida’s state-run property reinsurance facility by lowering its financial obligation to insurers is facing an uphill legislative battle as both lawmakers and members of the industry find themselves in conflict over the plan. Florida Hurricane Catastrophe …

S&P Rates Florida Cat Fund Bonds ‘AA-’

Standard & Poor’s Ratings Services has assigned its “AA-” rating to Florida Hurricane Catastrophe Fund (FHCF), Florida’s $2 billion revenue bonds series 2013A. The outlook is stable, according to the ratings firm. S&P said the bond proceeds are to provide …

Florida Looks to Restructure Its Hurricane Fund; Federal Option Proposed

Florida lawmakers are poised to consider restructuring the state-run property reinsurance facility by possibly lowering its mandatory annual capacity by billions due to concerns that one major storm could exhaust its resources and leave insurers without further coverage. The Florida …

Florida Hurricane Fund in Better Shape But Could Still Be Short on Cash

Florida’s state-run reinsurance facility still faces a potential $1.5 billion gap to fulfill its maximum mandatory obligation, although it appears poised to be in better financial condition for the 2013 hurricane season than previously thought. With just six weeks left …

Florida Governor Vetoes Cat Fund Tax-Credit Plan

Florida Governor Rick Scott has chastised state lawmakers for failing to fully consider a controversial plan to use state premium tax credits to help shore-up the state’s homeowners’ reinsurance fund before attaching it to the state budget. Scott used his …