The Real Deal Miami

Catastrophic Lehman investments

September 16, 2008 09:54AM

The Florida Hurricane Catastrophe Fund, a state-supported reinsurer, has paper losses of about $7 million from its investments in Lehman Brothers securities. The State Board of Administration had about $400 million invested in Lehman Brothers and lost about $84 million as of late last week, said Board spokesman Dennis MacKee. Lehman filed for Chapter 11 bankruptcy Monday. It will take some time to determine the impact on Citizens Property Insurance Corp., which has about $39 million invested in Lehman bonds, said Citizens spokesman John Kuczwanski.