FAR Insurance Expansion

LONDON, U.K. -- Gov. Jeb Bush leads an economic trade mission to Ireland and the United Kingdom this week, joined by FAR President Mike Dooley. He and FAR Vice President of Public Policy John Sebree hope to persuade surplus line insurance carriers, such as Lloyds of London, to do business in Florida.

A surplus carrier is regulated in the state or country where it is located but not in the state or country where it writes policies. Since these carriers are not strictly regulated by Florida, they are generally free from the form or rate regulations imposed on licensed insurers. This gives them freedom to maintain broader internal guidelines to design and price their policies, and can, therefore, accept risks that licensed insurers will not.

The one-week Team Florida trade mission to the United Kingdom (U.K.) and Ireland includes more than 100 leaders from Florida's international business community.

"The United Kingdom is one of Florida's most vital business partners, and our emerging trade relationship with Ireland has grown dramatically just in the last year," says Governor Bush. "The mission will grow our already extensive commercial relationship with these countries."

The U.K. is Florida's second-largest source of foreign direct investment, with $4.2 billion invested by British companies. It is Florida's largest European investor country and the top generator of foreign-affiliated employment in Florida, accounting for 48,600 jobs within the state. The U.K. is also Florida's No. 1 source for overseas tourists, with 1.49 million U.K. residents visiting the Sunshine State in 2005.

For more information on Florida's international business activities and Team Florida trade missions, visit www.eflorida.com.

©2006 FLORIDA ASSOCIATION OF REALTORS®

Posted by Donald Urschalitz P.A. at July 19, 2006 10:44 AM