St. Johns Insurance Company has become the first Florida carrierto take advantage of a new state loan program aimed at bolsteringthe state's hard-hit homeowners insurance market.

The Orlando-based business received approval for a $20 millionloan, the first such transaction stemming from passage of SenateBill 1980, passed by the Florida Legislature last May.

According to St. Johns President James McCahill, “The programcould not have come at a better time for Florida insurers andhomeowners.

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