Florida regulators have agreed to allow a once-troubled property insurer to enter hurricane season prepared not for a big hurricane, but multiple smaller ones.
The Orlando-based Olympus Insurance is among the first to publicly take advantage of relaxed requirements for hurricane protection as Florida property insurers struggle to remain solvent even without a storm. First quarter financial reports filed with state regulators show 38 of 48 Florida-based property insurers reported losses on their insurance operations the first three months of 2010.
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