Despite inclement conditions the first time around, J.P. Morgan & Co. and Union Bank of Switzerland are counting on the winds being in their favor as they syndicate a $1.5 billion refinancing for the Florida Residential Joint Underwriting Association.

The lead banks, which each underwrote $250 million of the transaction, held a meeting at J.P. Morgan headquarters Thursday for commitments to the loan for the joint underwriting association, a group formed in 1993 after the devastation from Hurricane Andrew forced some insurance companies flee the state.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.