April 24, 2014

Tallahassee, Fla. – The Associated Industries of Florida (AIF) today released the following statement attributed to its President and CEO Tom Feeney in regards to the Board of Governors of Citizens Property Insurance Corporation’s approval today of a $3.1 billion risk transfer program for the 2014 Hurricane Season.

“AIF applauds today’s action by the Board of Governors of Citizens Property Insurance Corporation to help reduce the risk of assessments on policyholders and help protect Florida’s taxpayers should Florida face a major storm during the upcoming hurricane season.

“Taking advantage of lower catastrophic insurance rates and favorable reinsurance market conditions to transfer billions of dollars in risk from the public to the private sector is smart business and public policy, and we urge members of the Florida Cabinet to follow suit as it pertains to Florida’s CAT Fund.”