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Florida Hurricane Catastrophe Fund to seek $1B reinsurance renewal

The Florida Hurricane Catastrophe Fund is planning to renew its $1 billion layer of reinsurance coverage at the mid-year, Artemis reported.

The attachment point is expected to reduce to cover losses attaching at $10.5 billion. With $14.1 billion of cash funding expected, as well as the $1 billion of reinsurance and $2.2 billion of bonding carried over from prior years, the company will have more than $17 billion available in 2018.