Legislation in Florida requiring the state’s residual market insurer to reduce prices has cut its revenues dramatically and created actuarially unsound insurance rates, according to a brokerage executive.

Speaking earlier this month during the Stephens Springs Investment Conference in New York, Powell Brown, president of Daytona Beach, Fla.-based Brown & Brown, detailed how rates have changed over the past few decades to a point where they are almost half of what they once were prior to the 2005 hurricane season.

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