BRADENTON, Fla.— The Florida Hurricane Catastrophe Fund is “dangerously overexposed” and should be downsized because unpredictable market conditions could prevent it from selling enough bonds to pay claims, according to the agency’s executive director, Jack Nicholson.

The nonprofit state-run FHCF could be $3.2 billion short of what is needed to pay claims over the next year, a new report says.

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