TALLAHASSEE (Bloomberg) ? Florida Governor Charlie Crist signed a law designed to cut property insurance rates for homeowners, which will also cut earnings for several Bermuda reinsurers, according to analysts.

The move in the fourth-largest US state by population after lawmakers held a special session to address the issue.

The law requires rollbacks of some premiums, includes measures to lower reinsurance costs and increases the risk taken on by the state?s Hurricane Catastrophe Fund, which provides backup coverage to insurers. State lawmakers approved the legislation earlier this week on January 22.

?We have heard the calls for help from Floridians suffering from high insurance rates,? said Crist, a Republican who took office this month, in a press release.

The law grew out of recommendations from a panel formed by former Republican Governor Jeb Bush after eight hurricanes struck Florida in 2004 and 2005, causing $35.9 billion of losses and resulting in higher insurance premiums.