Florida's fragile insurance market in many ways is deeply impacted by what happens twice a year inside a glass office building sheltered on a side road in northeast Tallahassee, far away from both the capitol and the state's financial sectors.

Inside a gray-carpeted conference room in this building an obscure panel signs off on an important number: Just how much money could the state-created reinsurance fund known as the Florida Hurricane Catastrophe Fund (Cat Fund) borrow if the state got hit by a big hurricane, or just as bad, a series of smaller storms?

The sophisticated guesswork that goes into this is more than some academic exercise. This number is a reflection of the stability of the Cat Fund, itself an important backstop for insurers that operate in the state, including Citizens Property Insurance Corp.

And this year the answer is somewhat troubling.

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