Florida State Board of Administration Trustees Schedule Florida Hurricane Catastrophe Fund Review Tomorrow, May 23, 2017
May 22, 2017
The Florida Hurricane Catastrophe Fund (“FHCF”) Advisory Council approved the May 2017 Claims Paying Capacity Estimates at its May 18, 2017 meeting last week.
The resulting report issued by Raymond James indicated that, although a continued increase in the FHCF balance is projected, that still does not provide a guaranteed source of liquidity or claimsâ€paying capacity for future seasons, and the actual bonding results achieved by the FHCF after a hurricane could vary substantially for subsequent seasons.
Given this, the State Board of Administration Trustees have scheduled a meeting for tomorrow, May 23, 2017 at 9 a.m. in Tallahassee during which an FHCF status update is scheduled.
To view the meeting agenda and materials, click here (begins on page 7 and 43 of 65).
The FHCF has $17.6 billion of liquidity, or 104 percent of its potential maximum statutory obligation of $17 billion for the initial 2017 Hurricane Season. Additionally, the FHCF has a projected claimsâ€paying capacity of up to approximately 67 percent of its maximum statutory obligation of $17 billion for the subsequent season with low projected assessment rates and the largest assessment base ever in the amount of $43.7 billion.
To view the materials from the May 18 FHCF Advisory Council meeting, click on the hyperlinks below.
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