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The Florida Hurricane Catastrophe Fund is in a “very strong” financial position this year, according to Gina Wilson, the fund’s Senior Director of Operations.
The Cat Fund is what the state uses to help private insurers pay claims after a hurricane. Wilson went over the Cat Fund’s vitals during a presentation and discussion held as part of the Florida Chamber of Commerce’s 2020 Virtual Insurance Summit.
“Our projected year-end fund balance is over $11 billion. We have no post-event bonds outstanding, no emergency assessments, our October bonding capacity is over $8 billion, and we have $4.2 billion outstanding pre-event bonds,” she said.
Following Wilson’s presentation, Cat Fund Chief Operating Officer Anne Burke expounded on the fund’s stability and offered some insights on what she’s hearing from the underwriters and analysts buy those bonds.
“We met with our three rating agencies, Moody’s, S&P,