FEMA Places $1 Billion of Reinsurance Coverage for NFIP

WASHINGTON, Feb. 4 -- The Reinsurance Association of America issued the following news release:

The Federal Emergency Management Administration (FEMA) has completed placement of $1 billion of reinsurance coverage, among 25 reinsurers, as a means to help manage the financial burden of the National Flood Insurance Program's catastrophic flood risk.

Frank Nutter, president of the Reinsurance Association of America, said, "The RAA has long advocated for the NFIP to utilize private reinsurance, and the successful placement of this reinsurance coverage is a significant milestone.

"I commend FEMA for creating the NFIP reinsurance program and the financial protections it will afford taxpayers."

[Category: Insurance]

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