Florida Hurricane Catastrophe Fund Advisory Council To Meet on Estimated Claims Paying Capacity Tomorrow, May 14, 2015
May 13, 2015
The Florida Hurricane Catastrophe Fund (“FHCF”) Advisory Council is scheduled to meet, review and vote on approval of the FHCF’s statutory May 2015 Estimated Claims Paying Capacity report tomorrow, May 14, 2015.
One-way Web-based live audio is available for the meeting, which begins at 1:30 p.m. (ET) in Tallahassee. To tune in, click here. Those wishing to speak during the meeting must choose the teleconference option by dialing (888) 670-3525 and inputting Conference Code 7135858151.
In his presentation, FHCF Chief Operating Officer Jack Nicholson will update the Advisory Council on the FHCF’s risk transfer placement and pre-event financing, various legislative matters and the FHCF’s 2015-2016 Contract Year Structure
At its April 2015 meeting, Florida’s State Board of Administration Trustees approved up to $1 billion of risk transfer and $1.2 billion of pre-event bonds to fulfill the $2.2 billion FHCF potentially needs to be fully liquid for its 2015-2016 Contract Year. Given the FHCF’s current and projected resources and potential statutory obligations, after the execution of the Series 2015A pre-event financing–for the first time ever–it will be fully liquid to meet its potential maximum obligations of $17 billion during the 2015-2016 Contract Year, as well as its projected claims-paying capacity of up to approximately 69 percent of its maximum statutory obligation of $17 billion for the subsequent season with the lowest projected assessment rates and largest-ever assessment base of $39.3 billion.
Tomorrow’s Advisory Council meeting materials are attached for review.
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