Florida Workers’ Compensation Insurance Guaranty Association Investment Committee Advised to Set New Benchmark Goals
Jul 20, 2011
The Florida Workers’ Compensation Insurance Guaranty Association (“FWCIGA”) Investment Committee (“Committee”) met today, July 20, 2011, to review the FWCIGA investment report.
The meeting was called to order by Chairman Tom Stahl, with a quorum of members in attendance.
After the Committee approved the prior minutes, Mel Hamilton, Senior Managing Consultant of The PFM Group, gave the investment update, reporting that, at the end of June 2011, the FWCIGA had $171 million invested, with $113 million (66 percent) invested in one-year or greater securities.
Mr. Hamilton reviewed the European debt crisis events, particularly in regard to Greece, which he will continue to monitor for any new activity and report back to the Committee. Over the last quarter, most of the FWCIGA transactions have been reinvestments of securities. He recommended that, in the near future, the Committee should work on new set of benchmark goals based on the FWCIGA’s investment needs.
The Committee members commended Mr. Hamilton on his presentation, saying that they trust his investment decisions and any recommendations he may have.
Following Mr. Hamilton’s report the meeting was adjourned.
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