FHCFFlorida Hurricane Catastrophe Fund
FHCFFlying Horse Cracking Force (hacking)
Copyright 1988-2018 AcronymFinder.com, All rights reserved.
References in periodicals archive ?
Insurers are charged the "actuarily indicated premium" for the coverage FHCF provides based on the insurer's relative exposure to hurricane losses.
FHCF is an openend money market fund; in line with its categorization.
The FHCF has strong similarities with our model as it is designed as a reinsurance facility.
One step was to advise one of their largest clients not to purchase a portion of the FHCF layer known as temporary increase in coverage limits (-I-ICL) but purchase instead the coverage in the traditional reinsurance market.
Best said it remains concerned regarding the ability to fund all obligations associated with the FHCF in the case of a severe hurricane.
One objective of the plan would be to encourage more states to establish state reinsurance mechanisms like the FHCF. There is a heated debate among insurers and others as to the need for and soundness of such a plan, but there are many federal legislators who appear to be favoring the scheme.
By undertaking this analysis for all possible levels of insured hurricane losses, one can generate the entire exceedance probability curve for the FHCF. Figure 6 provides this curve for losses up to $100 billion.
A problem, many critics argue, is that both Citizens and the FHCF already do not have enough money to pay claims should another catastrophe occur.
To provide additional claims-paying capacity, Florida also created the Florida Hurricane Catastrophe Fund (FHCF), a state-run catastrophe reinsurance fund designed to assist insurers writing property insurance in Florida.
The bill requires a 25 percent rapid cash build-up factor in the premiums paid by insurers for coverage from the FHCF, which is the state fund that reimburses most insurers for 90 percent of their residential hurricane losses above each insurer's retention, up to each insurer's share of a $15 billion cap on total annual payments.
Although Hurricane Charley represents the first time that the fund would he activated for billion-dollar storm losses, it likely would not required the fund to issue bonds, according to Jack Nicholson, FHCF senior officer.
The transaction is the largest for a Florida insurer since 2014, according to Jean-Louis Monnier, co-head of ILS at Swiss Re Capital Markets, who added the cat bond combines structural mechanics of the Florida Hurricane Catastrophe Fund (FHCF) as well as features of Frontline's private reinsurance coverage to "seamlessly" integrate with Frontline's reinsurance program.