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Florida property insurance legislation signed into law yesterday will drive more than $1 billion in premiums from the property-catastrophe reinsurance market–along with a quarter of reinsurers’ profits, an analyst predicted.

Assessing the impact of the catastrophe insurance bill passed by Florida legislators, V.J. Dowling, managing partner of Dowling & Partners Securities in Hartford, Conn., not only shared sobering numbers with investors in reinsurance companies but suggested that the Florida plan is a “backhanded attempt” at national catastrophe fund legislation.

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