Florida Hurricane Catastrophe Fund News

Florida Hurricane Fund Financial Condition As ‘Strong As Ever’

Florida is ending this year’s storm season with some good news. The state-created fund that backs up private insurers in Florida remains in the best financial shape it has been since it was created 20 years ago. New estimates drawn …

Hurricane Season and Florida’s Insurance System: Living on Borrowed Time?

Mother Nature has been kind to Florida’s coastline lately with a record run of seven years without a hurricane making landfall, allowing property insurers time to re-stock their depleted coffers. As a result, before the new six-month hurricane season got …

Florida Catastrophe Fund Financially Stronger on Eve of Hurricane Season

Florida is heading into a new storm season with some good news for once. The state-created fund that backs up private insurers in Florida is in the best financial shape it has been in years — maybe the best since …

Florida Hurricane Cat Fund Reform in Jeopardy

Plans to reform Florida’s state-backed reinsurance facility with proponents scaling back their proposals. The Florida Hurricane Catastrophe Fund has been the subject of legislative reform efforts for several years as its financial advisors have consistently warned the fund could not …

Florida Cat Fund Looks to Issue $2 Billion in Pre-Event Bonds

Florida’s state-run property reinsurance facility is preparing to issue $2 billion in revenue bonds to ensure it has enough money on hand to quickly pay insurers’ claims in the event of a major hurricane. The Florida Hurricane Catastrophe Fund has …

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 Lawmakers Unveil Property Reform Proposals

Florida lawmakers’ first draft of a property reform emphasizes depopulating and diverting policies from Citizens Property Insurance Corp., the state-backed property insurer that has 1.3 million policyholders. The proposal also seeks to reduce the financial responsibility of the state’s catastrophe …

Florida Senate to Unveil Property Insurance Reforms

Florida lawmakers are planning next week to release a draft version of a property insurance reform bill. The Senate Banking and Insurance Committee has taken the lead on property insurance reform this year and so far has listened to more …

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 …