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Certified and Reciprocal Jurisdiction Reinsurers


Florida is at the forefront in modernizing insurance regulations by encouraging and attracting international reinsurance capital. With Florida’s exposure to hurricane risk greater than any other state, it is important to take advantage of such concepts as reduced collateral for qualified companies.

Overview

Following 2007 legislative action and subsequent rule-making in 2008, the Office of Insurance Regulation (OIR) was allowed to establish lower collateral requirements for non-U.S.-based reinsurers. These reinsurers had to be highly-rated and financially sound meeting stringent capital and surplus requirements.

In 2010, Florida signed the first agreement in the United States with an eligible non-U.S.-based reinsurer – Hannover Ruckversicherung AG, based in Germany. Certified reinsurers operating in Florida are listed below. These certified reinsurers are based in Bermuda, Germany, Switzerland, Ireland, or the United Kingdom, all of which are considered qualified jurisdictions.

Florida was also 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. Other states have since followed Florida’s lead and adopted similar provisions in their laws.

Effective June 15, 2020, the designated maximum rating and corresponding collateral required is based on the certified reinsurer’s current lowest financial strength rating assigned by the following rating agencies: A.M. Best Company, Standard and Poor’s, Moody’s Investors Service, Demotech, Fitch Ratings, and Kroll Bond Rating Agency, Inc. In conjunction with this requirement, the certified reinsurer must obtain a financial strength rating from at least two of the acceptable rating agencies. For more information about the secure financial strength rating, click here.

Applicants Seeking Certified Reinsurer Status:

Pursuant to Rule 69O-144.007(8)(b), Florida Administrative Code, OIR invites members of the public to respond to Certified Reinsurer applications submitted to the office. Interested and affected parties will have 30 days from the date the notice is posted to submit comments and responses to the applications listed below. Please click on the name of the reinsurer for the notice and information on how to submit public comments. OIR will not take final action on an application until at least 30 days after the notice is posted.

Contact Information
Primary Applications:

Alison Sterett
Alison.Sterett@floir.com
(850) 413-5201

Renewals:

Nicole Crockett
Nicole.Crockett@floir.com
(850) 413-5240

Ainsley Hurley
Ainsley.Hurley@floir.com
(850) 413-5206


Additional Resources

Pursuant to Rule 69O-144.007(8)(b), OIR is required to post notice on OIR's website with instructions for public comment upon receipt of a certified reinsurer application. Public comments in response to this application will be accepted until Thursday, April 20, 2023. Please submit your comments by sending an e-mail to Certified ReinsurerApp@floir.com with "XL Re Europe SE" in the subject line of the e-mail.


Forms

Company
Rating
Documents & Collateral, Deferment Approval Letters
Allied World Assurance Company, Ltd.Secure - 3Consent Order
Arch Reinsurance Ltd.Secure - 3

Consent Order
Press Release
Hurricane Irma
Hurricane Ian

Aspen Bermuda Ltd. (f/k/a Aspen Insurance Ltd.)Secure - 4Consent Order
Press Release
Hurricane Ian
Chubb European Group SESecure - 2Approval Letter
Chubb Tempest Reinsurance Ltd. (f/k/a Ace Tempest Reinsurance Ltd.)Secure - 2Consent Order
Letter - Name Change
Press Release
Hurricane Irma
Hurricane Michael
DaVinci Reinsurance Ltd.Secure - 4Consent Order
Press Release
Hurricanes Delta, Zeta, Eta
Hurricane Sally
Hurricane Laura
Hurricane Irma
Hurricane Florence
Hurricane Michael
Hurricane Dorian
Hurricane Ida
Hurricane Ian
Endurance Specialty Insurance, Ltd.Secure - 3Consent Order
Press Release
Fidelis Insurance Bermuda LimitedSecure - 4Approval Letter
Fidelis Underwriting LimitedSecure - 4Approval Letter
Hamilton Re, Ltd.Secure - 4Approval Letter
Hannover Life Reassurance Company of America (Bermuda) Ltd.Secure - 2Consent Order
Hannover Re (Bermuda) Ltd.Secure - 2Consent Order
Hannover Ruck SE (f/k/a Hannover Ruckversicherung AG)Secure - 2Consent Order
Letter - Name Change
Press Release
Hiscox Insurance Company (Bermuda) LimitedSecure - 3
Consent Order
Press Release
Hurricane Ian
Markel Bermuda Limited (f/k/a Alterra Bermuda Limited)Secure - 3Consent Order
Press Release
Hurricane Irma
Partner Reinsurance Company Ltd.Secure - 3Consent Order
Press Release
Partner Reinsurance Europe SESecure - 3Consent Order
RenaissanceRe Europe AG (f/k/a Tokio Millennium Re AG)Secure - 3Consent Order
Letter - Name Change
Press Release
Hurricane Ida
Hurricane Ian
Renaissance Reinsurance Ltd.Secure - 3Consent Order
Press Release
Hurricanes Delta, Zeta, Eta
Hurricane Sally
Hurricane Laura
Hurricane Irma
Hurricane Florence
Hurricane Michael
Hurricane Dorian
Hurricane Ida
Hurricane Ian
Somerset Reinsurance Ltd.Secure - 5Consent Order
Swiss Reinsurance Company Ltd.Secure - 2Consent Order
Validus Reinsurance, Ltd.Secure - 3

Consent Order
Press Release
Hurricane Irma
Hurricane Florence
Hurricane Michael

Wilton Reinsurance Bermuda LimitedSecure - 3Consent Order
XL Bermuda Ltd (f/k/a XL Re Ltd)Secure - 2Consent Order
Letter - Name Change
Press Release
Hurricane Irma
XL RE Europe SESecure - 2Approval Letter
Somers Re Ltd.Secure - 4Approval Letter

 

Company
Jurisdiction
Year(s)
Lines
Allied World Assurance Company, Ltd.Bermuda2023, 2024P&C
Arch Reinsurance Ltd.Bermuda2023, 2024Life, Annuities, A&H, P&C
Ascot Bermuda LimitedBermuda 2022, 2023, 2024
P&C
Aspen Bermuda LimitedBermuda 2022, 2023, 2024P&C
AXA XL Reinsurance Ltd.Bermuda 2024P&C
Axis Specialty Ltd.Bermuda 2023, 2024P&C, A&H
Chubb European Group SEFrance2022, 2023, 2024P&C, A&H
Chubb Tempest Reinsurance Ltd.Bermuda 2022, 2023, 2024Life, A&H, P&C
Conduit Reinsurance LimitedBermuda 2023, 2024P&C
Convex Insurance UK LimitedUnited Kingdom2022, 2023, 2024P&C, A&H
Convex Re LimitedBermuda 2022, 2023, 2024P&C
DaVinci Reinsurance Ltd.Bermuda 2022, 2023, 2024P&C
Devk Ruckversicherungs-Und Beteiligungs-AG - Devk ReGermany2023, 2024Life, A&H, P&C
Fidelis Insurance Bermuda LimitedBermuda2022, 2023, 2024P&C
Fidelis Underwriting LimitedUnited Kingdom2023, 2024Life, Annuities, A&H, P&C
Fortitude Reinsurance Co. Ltd.Bermuda2023, 2024Life, Annuities, A&H, P&C
Group Ark Insurance LimitedBermuda2022, 2023, 2024P&C
Hamilton Re, Ltd.Bermuda2023, 2024P&C
Hannover Life Reassurance Company of America (Bermuda) Ltd.Bermuda2022Life, Annuities, A&H
Hannover Re (Ireland) DACIreland2023, 2024
Life, A&H, P&C
Hannover Ruck SEGermany2023, 2024Life, Annuities, A&H, P&C
Hiscox Insurance Company (Bermuda) LimitedBermuda 2023, 2024P&C
Lancashire Insurance Company LtdBermuda 2022, 2023, 2024P&C
Lumen Re LtdBermuda 2024P&C
Mapfre Re, Compania de Reaseguros, S.A.Spain2023, 2024P&C
MS Amlin AGSwitzerland2023, 2024P&C
Münchener Rückversicherung-Gesellschaft Aktiengesellschaft in München (Munich Re)Germany2023, 2024Life, A&H, P&C
Partner Reinsurance Company Ltd.Bermuda2023, 2024Life, Annuities, A&H, P&C
Partner Reinsurance Europe SEIreland2022, 2023, 2024Life, Annuities, A&H, P&C
Renaissance Reinsurance Ltd.Bermuda2022, 2023, 2024P&C
RenaissanceRe Europe AGSwitzerland2022, 2023, 2024P&C
RenaissanceRe Specialty U.S. Ltd.Bermuda2022, 2023, 2024P&C
Somers Re Ltd.Bermuda 2023, 2024P&C
Somerset Reinsurance Ltd.Bermuda2023Life, Annuities, A&H
Swiss Reinsurance Company Ltd.Switzerland2023, 2024
Life, Annuities, A&H, P&C
TransRe Europe S.A.Luxembourg2024P&C
TransRe London LimitedUnited Kingdom2024P&C
Underwriters at Lloyd's, LondonUnited Kingdom2022, 2023, 2024Life, Annuities, A&H, P&C
Validus Reinsurance (Switzerland) Ltd.Switzerland2023, 2024A&H, P&C
Validus Reinsurance Ltd.Bermuda 2023, 2024P&C
Vermeer Reinsurance Ltd.Bermuda 2022, 2023, 2024P&C
XL Bermuda Ltd.Bermuda 2024P&C
XL Re Europe SEIreland2024P&C

 

Florida recognizes Standard & Poor’s, Moody’s Investors Service, Fitch Ratings, A.M. Best Company, and Demotech as rating agencies pursuant to section 624.610, Florida Statutes, and Rule 69O-144.007, Florida Administrative Code.  Section 624.610(3)(e), Florida Statutes, authorizes OIR to deem a company that possesses the experience and expertise in rating insurers to be a rating agency in Florida. Orders issued by OIR deeming a company acceptable as a rating agency in Florida are below.