Florida's property insurance reforms will not be as devastating to reinsurers as previously thought, but they also will not fully deliver premium reductions promised to insurance consumers, an insurance executive and former lawmaker contends.
Locke Burt, president of Royal Palm Insurance Company and Security First Insurance Company in Ormond Beach, Fla.–who is also a former Republican state senator in Florida–delivered an insider's account of the controversial legislation's passage and impact here during a Casualty Actuarial Society meeting on reinsurance.
Mr. Burt addressed the actuaries just two days after the Florida Legislature passed some late-session changes to a reform bill originally approved in January.
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