We’re still working hard here down south post Katrina to stamp out systemic ignorance of the risks we all face on our journey through life. Meantime the pictures I’ve seen on the news remind me of my own neighborhood in Gulfport post Katrina. My mind open to the possibility the only Americans that can completely fathom the tragic events in Japan are right down here in Soggy Bottom. Unfortunately if that nuclear power plant blows its top everyone is off into uncharted territory.
On behalf of the Slabbed Nation I express our condolences, thoughts and prayers to its newest members.
Is Paige St John at the Herald Tribune a member of the Slabbed Nation? Let them eat cake indeed Mikey.
The new Florida norm are carriers like ACA Home, a tiny St. Petersburg home insurer started after 2005 with funding in part from a Bermuda reinsurer.
ACA Home has no employees and pays an affiliate, American Strategic, to run its business.
Financial filings show reinsurers take 86 cents of every premium dollar ACA collects – $9 million of the $10.5 million it collected in 2009.
The cost for turning over almost all of its risk is high. ACA pays as much as 33 cents for $1 of protection against the most likely kind of storms, the equivalent of paying $66,000 a year to insure a house worth $200,000. Continue reading “It’s a ‘Bermudan’ day in the neightborhood…Paige St John at the Herald Tribune exposes why ‘buying Bermuda’ is like being hooked on crack.”