The Florida Hurricane Catastrophe Fund should have $17 billion available for this Atlantic hurricane season thanks to a lack of hurricanes hitting the state in the past 10 years, reports the Florida Times-Union.
"The money is there and it's in our pocket," Jack Nicholson, CEO of the Cat Fund, told the Florida Times-Union.
Twice a year Florida relies on Wall Street firms and financial advisers to calculate how much money the fund needs, and how much it could borrow in the event of a catastrophic storm. Early estimates showed the fund could meet its maximum claims without having to borrow any additional money, says the Florida Times-Union. Florida officials disagree.
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