Florida cat fund concerns grow
A controversial legislative move to increase the level of reinsurance coverage offered by the Florida Hurricane Catastrophe Fund (FHCF) has led to a downgrade of the state-sponsored reinsurance fund's bonds, due to fears that it may struggle to remain financially viable in its current state.
The state law, passed on January 22, increases the fund's reinsurance capacity from $16 billion to $28 billion after the first $6 billion claimed, significantly increasing the fund's exposure to hurricane
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