Also Seems Bad

Letting insurance companies offload risk onto state pensions.

But the market instability has been twisted to facilitate another form of greed, orchestrated by Gov. DeSantis and his political allies. In implementing what is best described as Florida’s property insurance playbook, the DeSantis administration has homeowners in the state paying more for less, insurers profiting off soaring premiums, and the state pension giant investing hundreds of millions of dollars in investment funds that provide insurance for insurance companies, effectively socializing the risk that property insurers have on their balance sheets, sometimes through high-risk, high-reward allocations to complex financial instruments known as catastrophe bonds.

On top of an implicit state backstop.