Nicholson to exit 'Cat Fund' at end of February

BY THE NEWS SERVICE OF FLORIDA

Jack Nicholson, the longtime head of Florida's multibillion-dollar Hurricane Catastrophe Fund, which provides backup coverage to insurers, is retiring at the end of February.

Anne Bert, the director of operations for the fund, will serve as interim chief operating officer until a replacement for Nicholson is selected. Bert has been with the fund since 1999.

The retirement had been expected. Nicholson, who has spent 21 years running the fund that he helped develop, went into the state's Deferred Retirement Option Program (DROP) five years ago. People who enter the program --- intended to encourage the retirement of highly paid employees --- are required to retire after five years. T

he Hurricane Catastrophe Fund --- usually called the CAT fund for short --- sells backup insurance to insurers, typically for less than the cost of private reinsurance. The intent is to help keep the cost of property insurance lower than it otherwise might be.

Gov. Rick Scott, Chief Financial Officer Jeff Atwater and Attorney General Pam Bondi --- sitting as the State Board of Administration Finance Corporation --- will be asked at a Jan. 21 Cabinet meeting to take a step related to Nicholson's departure. They would name Lamar Taylor as president of the corporation, which serves primarily as the signatory body for the catastrophe fund. Nicholson is currently president of the corporation.