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.

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