FEMA signs pact with 28 reinsurers to take on $1.46 bln in flood risk

Jan 5 (Reuters) - The Federal Emergency Management Agency (FEMA) has transferred $1.46 billion of risk from its flood insurance program to 28 private reinsurers for 2018, the agency said on Friday.

FEMA, which paid $235 million for the coverage, said the reinsurance agreement covers 18.6 percent of National Flood Insurance Program (NFIP) losses of between $4 billion and $6 billion and 54.3 percent of losses between $6 billion and $8 billion, FEMA said. (Reporting by Suzanne Barlyn; Editing by Jonathan Oatis)