Reforms to pry open US flood market head to full House

A Republican-backed initiative to extend and reform the US
National Flood Insurance Program (NFIP) passed a key hurdle today
as lawmakers in Washington cleared a bundle of related bills for
consideration in the full House of Representatives.
One of the components of the legislative package would require
the Federal Emergency Management Agency, or Fema, which runs the
NFIP, to offload a portion of the risks covered to reinsurers,
catastrophe bond markets and other ILS mechanisms. The proposal is