Log In

Reset Password

Island’s re/insurers invited to get involved in Florida market

Members of the Florida House of Representatives invited the Bermuda reinsurance industry to get involved in the $3 trillion Florida insurance market this morning.

Representatives Bill Hager and Kevin Rader told attendees at the Insurance Day Summit Bermuda conference at the Fairmont Hamilton Princess that the state insurance system needs to change.

Rep Hager called that system 'dangerous', and said it has just $12 billion in capital against $17 billion in obligations. "That gets them through the first storm so the question is, what happens after that?"

Rep Hager said: "We want to move it away from the State of Florida and to the people in this room, who know how to manage risk much better than the State of Florida."

Rep Rader said: "We want you to deploy capital into Florida, but it needs your help by being active, having a voice and showing up."

He added: "These are complex issues most (House of Representatives) committee members don't understand we are dealing with members who don't understand. So it's important for the people in this room to get involved in Florida politics it will help your clients," he said, adding: "And because the politics can destroy a good bill in a couple of hours."

You must be Registered or to post comment or to vote.

Published June 25, 2013 at 1:32 pm (Updated June 25, 2013 at 1:31 pm)

Island’s re/insurers invited to get involved in Florida market

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon