Florida's Hurricane Catastrophe Fund will sell additional bonds to repay higher than expected claims costs resulting from 2005's Hurricane Wilma, officials said.
The additional bonds will raise $625 million for the fund, according to Dennis MacKee, a spokesman for the Florida State Board of Administration that oversees the Catastrophe Fund. "We hope to issue the bonds some time in July," he said.
Mr. MacKee said the need to sell additional bonds does not signal any problems with the fund's current financial picture or ability to pay claims as the fund works on a post-event system to cover its losses.
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