Florida Hurricane Catastrophe Fund News

Citizens’ Takeout Program Undergoing Changes; Says Assessments Unlikely

Faced with a rising number of consumer complaints, Florida’s state-backed property insurer has announced a series of changes to its takeout program. The news comes as the insurer said it is highly unlikely to need policyholder assessments next year. Citizens …

Carpenter Report Details Impact of 2004 & 2005 Hurricane Seasons

Guy Carpenter & Company released Part II of the two-part Ten-Year Retrospective of the 2004 and 2005 Atlantic Hurricane Seasons. Part II focuses on the 2005 hurricane season and the cumulative effects of both the 2004 and 2005 seasons on the …

Florida ‘Hurricane Tax’ Sent to Early Retirement

A1.3 percent surcharge on most property/casualty policies in Florida to help pay for past hurricane claims is coming to an end earlier than originally planned. The Florida Cabinet voted this week to end the assessment on policyholders that was begun …

Florida Benefits As Yield-Thirsty Investors Line Up for Hurricane Bonds

In 2008, Florida’s government-run property insurer paid Warren Buffett $224 million to agree to buy its debt if a major storm struck. Six hurricane-free years later, the state is turning investors away. With hurricane season set to start June 1, …

Florida Cat Fund Has $13 Billion As Hurricane Season Starts

Florida is heading into hurricane season with good news. The state-created fund that backs up private insurers in Florida appears to be in very good financial shape again this year. New projections show that the Florida Hurricane Catastrophe Fund should …

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 …