Dear friend,
They've got some great journalists down in Florida.
The Cat fund is a difficult subject to get your head around - let alone explain to the man in the street.
So this article is particularly commendable
Killer fact: If the 2004 storm season happened all over again this year it would burden the state of Florida's Fund with (at least) $11bn in losses.
- and how much has it got in the bond fund? A paltry $1.35bn.
Why is it so hard to explain that in life you always get what you pay for?
I suppose we get the leaders we deserve...
Comments (1)
You should check out the recent news from Florida - the Cat Fund just booked about $600 million of unfavorable reserve development from 2004 and 2005, so they need to float another bond to help pay the claims.
Posted by DougM | May 19, 2008 2:24 PM