Florida Municipal Insurance Trust Announces Return of Premium for Fifth Consecutive Year
Date Published: 07-13-2012
The following news release was issued by The Florida League of Cities on July 12, 2012:
Florida Municipal Insurance Trust Returns $8 Million
Showing strength and stability in a time of increased financial uncertainty, the Florida Municipal Insurance Trust (FMIT) announced that it will provide a refund of $8 million to members that held their property coverage with the FMIT in policy year 2009-2010 and renew their coverage for the 2011-2012 policy year. The refunds, which represent approximately 23 percent of FMIT members’ property premium, will be delivered beginning in November.
This marks the fourth consecutive year and a total of $36 million that the FMIT has refunded to its members. The FMIT is the oldest and largest municipal insurance pool in Florida and is the protection of choice for 2 out of 3 municipalities.
This marks the fourth consecutive year and a total of $36 million that the FMIT has refunded to its members. The FMIT is the oldest and largest municipal insurance pool in Florida and is the protection of choice for 2 out of 3 municipalities.
Florida Municipal Insurance Trust members are owners of the trust. This refund is an example of owners assessing the strength of their program and making decisions to benefit all members.
“These financial returns indicate what our members already know, that there are clear benefits of dealing with a provider that stands on firm financial footing,” said Jeannie Garner, director of insurance and financial services for the Florida League of Cities. “Because the FMIT is administered by a not-for-profit municipal organization and is directed by its members, it offers benefits like this refund and provides its members with unparalleled financial security, peace of mind and value.”
The FMIT has assets totaling more than $435 million and provides the broadest coverage terms in Florida.
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