State Board of Administration Reviews Florida Hurricane Catastrophe Fund 2010 Financial Performance
Mar 9, 2011
After its initial meeting this morning, March 9, 2011, the Florida Cabinet met again today as the State Board of Administration (“SBA”) to review quarterly performance reports from the various funds under its oversight, including the Florida Hurricane Catastrophe Fund (“FHCF”).
It was reported that the performance of FHCF investment fund has been very strong and exceeded its benchmark goals. For the fourth quarter ending December 31, 2010, the FHCF’S net invested assets increased from $872,075,627 to $1,338,289,708.
According to the report, the FHCF’s investment results for the year have exceeded its benchmark by nearly four times. Over a ten-year period, the FHCF has far surpassed its benchmark investment goals.
Also during the meeting, the SBA reviewed the Local Government Surplus Funds Trust Fund and the Florida Retirement System Pension Plan assets and liabilities.
Florida Governor Rick Scott concluded the meeting by stating that the presentations were responsive to the requests for information, and asked that SBA Executive Director Ash Williams and his team continue to move forward in the same manner.
To access complete meeting materials from today’s SBA meeting, click here (note: you may be asked to upgrade to Adobe Reader 9).
Should you have any questions or comments, please contact Colodny Fass.
To unsubscribe from this newsletter, please send an e-mail to bellis@cftlaw.com.