Office Allows Bermuda Reinsurers Ariel Reinsurance Company Ltd. and DaVinci Reinsurance Ltd. to Operate with Reduced Collateral
The Florida Office of Insurance Regulation (Office) signed two consent orders that allow Ariel Reinsurance Company Ltd. ("Ariel") and DaVinci Reinsurance Ltd. (“DaVinci”), to post reduced collateral and operate in Florida as eligible reinsurers. The Consent Order
with Ariel and the Consent Order
with DaVinci make these companies the fifteenth and sixteenth reinsurers respectively to operate in Florida with similar terms.
Florida is the first state to allow ceding insurance companies to receive full credit on their financial statements for reinsurance purchased from non-U.S. based reinsurers that are highly rated, and financially sound.
Ariel reported capital and surplus of $1.3 billion, which exceeds the $100 million requirement. DaVinci reported capital and surplus of $1.4 billion. The reinsurers also indicated secure financial strength by demonstrating favorable ratings from two nationally recognized statistical rating organizations.
Other eligible reinsurers in Florida include (in alphabetical order): Ace Tempest Reinsurance, Allied World Assurance Company Ltd., Alterra Bermuda Ltd., Arch Reinsurance Ltd., Aspen Insurance Ltd., Axis Specialty Ltd., Hannover Re (Bermuda), Hannover Re (Germany), Hiscox Insurance Co., Montpelier Reinsurance Ltd., Partner Reinsurance Co., Renaissance Reinsurance, Tokio Millennium Re Ltd. and XL Re Ltd.