NU Online News Service
The Florida Hurricane Catastrophe Fund, a key reinsurance provider, has a shortfall of $18.5 billion, which could pose problems for some of the state's recent insurance startups, state officials indicated.
Jack Nicholson, chief operating officer for the state fund, said yesterday, prior to a briefing session with the State Senate Ways and Means Committee, that the fund under legislation approved last year is required to provide $29 billion in reinsurance, but may not be able to meet that obligation under today's bond market conditions.
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