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Four former insurance executives of now-defunct Vanguard Fire and Casualty Company have been indicted on charges of fraudulently obtaining $20 million in reimbursement from the Florida Hurricane Catastrophe Fund after the 2004 hurricane season.

In Florida, when selling excess of loss coverage for residential risks, incorporating the effect of the Florida Hurricane Catastrophe Fund adds complexity to otherwise straightforward deals. This makes underwriting property catastrophe reinsurance in the Sunshine State a uniquely difficult undertaking.

The Florida Hurricane Catastrophe Fund seems to be on solid footing this year with reduced exposure and adequate borrowing power. However, Citizens Property Insurance Corp. looks to be caught in a no-bid contract controversy

Peter Raymond, director of Captive Insurance for the Vermont Department of Banking, Insurance, Securities & Health Care Administration (BISHCA), will leave his regulatory position to take a job outside the captive insurance sector, BISHCA said.

With a four-year reprieve from hurricanes, the Florida insurance industry enters the 2010 hurricane season with its claims paying mechanisms in a much-improved condition from the past few years.

The storms that hit Florida in 2005 keep taking their toll.

The Florida Hurricane Catastrophe Fund has issued its fiscal year 2008-2009 annual report.

The Florida Hurricane Catastrophe Fund (Cat Fund) is likely to increase its assessments early next year because it is still paying off claims associated with the eight hurricanes that struck Florida back in 2004 and 2005.