Statement By Stronger Safer Florida on State Board of Administration Action

 

Tallahassee, Fla. – Today the coalition of statewide business, consumer and conservation groups who represent Stronger Safer Florida issued the following statement regarding the action taken by the State Board of Administration to investigate the purchase up to $2.2 billion in reinsurance to better prepare the Florida Hurricane Catastrophe Fund to meet its obligations in the event of a major hurricane or series of storms.

“Stronger Safer Florida commends the State Board of Administration for authorizing the Florida Hurricane Catastrophe Fund to seek opportunities to transfer risk away from Floridians and onto the global private reinsurance market. If attractive reinsurance rates exist for Florida, it would be wise for the Cat Fund to act so policyholders are less likely to face hurricane taxes in the event of a future hurricane.”