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The Governor and Cabinet today authorized the Hurricane Cat fund to explore buying up to two billion in Hurricane reinsurance on the private market. The move could save billions more if the state is hit with a catastrophic storm this coming hurricane season. Ash Williams told the states executives that there has never been a better time to try and limit future losses.

“The idea here is for us to go into the market, take advantage of potentially take advantage of historically low reinsurance rates, together with the fact the Hurricane Catastrophe fund is in the strongest financial position it has ever been in.”

Two of the reasons reinsurance costs have come down is the fact of storm activity, and more capital in the market looking to sell reinsurance because of the lack of storms.