CFO Sink To Meet With Lloyd’s, British Leaders In London In November

Florida’s Chief Financial Officer, Alex Sink, has been invited by the British General Consul of Miami to meet with British leaders in London during early November, 2007 regarding the challenges presented by climate change in the finance and investment sectors. While abroad, CFO Sink will also meet with Lloyd’s of London to discuss the Florida Hurricane Catastrophe Fund and the impact that private reinsurance has in Florida’s property insurance market.

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CFO Sink To Meet With British Leaders In London In November

TALLAHASSEE– Florida Chief Financial Officer Alex Sink announced today that her office has been invited by Keith Allan, Her Majesty’s Consul General of Miami, to meet with British leaders in London in early November.

During her visit, which is sponsored by the British Government, the CFO will meet with representatives of the United Kingdom and the City of London to understand their success in confronting the challenges presented by climate change in the finance and investment sectors. CFO Sink will also meet with experts at the London School of Economics and the Royal Bank of Scotland to learn how climate change presents both insurance and financial risks as well as investment opportunities for Florida. The CFO will also visit the London office of Enterprise Florida.

While abroad, CFO Sink will meet with Lloyd’s of London to discuss the Florida Hurricane Catastrophe Fund and the impact that private reinsurance has in Florida’s property insurance market. According to Lloyd’s, “The issue of climate change will be vital to the future of the insurance industry. Since the 1960s the number of natural catastrophes has doubled and insured losses increased nearly seven-fold…we must engage better together and that means insurers, business and government working together.”

“With 1200 miles of coastline, Florida is one of the most vulnerable states to the effects of climate change and rising sea levels. It is essential that Florida is prepared for all the challenges — and as Florida’s Chief Financial Officer I am specifically aware of the challenges to our insurance and financial markets,” said CFO Sink, who oversees the Department of Financial Services. “London is the epicenter of the world’s global financial and reinsurance markets and the United Kingdom is an international leader in analyzing and combating the financial risks of climate change. Florida can benefit from our shared partnership.”

In April 2007, Consul-General Allan presented the United Kingdom’s international perspective on climate change at the Florida Cabinet’s first Climate Change workshop sponsored by CFO Sink and Agriculture Commissioner Charles Bronson.

“Action to address the global impact of climate change is a top international priority for the British Government. We have been hugely impressed by the leadership shown by Governor Crist and CFO Sink in putting Florida at the forefront of global efforts to combat greenhouse gas emissions and develop alternative energies, and were pleased to sign a Partnership with Florida at the Climate Change Summit in Miami in July.

“I have discussed the impact of severe weather conditions on the insurance sector in Florida with Chief Financial Officer Alex Sink. The British Consulate-General is delighted to be able to support the CFO’s visit, which we believe will bring real benefits to the people of Florida.”