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.
The catalyst for such a change began prior to 2007, when reinsurance companies from outside the United States generally were
required to post 100 percent collateral to write reinsurance in the United States while U.S.-based reinsurers posted no collateral.
The collateral requirement had been cited as a barrier by foreign reinsurers to invest in Florida.
Following 2007 legislative action and subsequent rule-making in 2008, the Office of Insurance Regulation (Office) 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. There are now more than 20 eligible reinsurers operating in Florida. These eligible
reinsurers are based in Bermuda, Germany or the United Kingdom.
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.
Comment Period for Eligible Reinsurer Renewals
Please be advised that the below listed reinsurers are considered “Eligible Reinsurers” under Section 624.610(3)(e), Florida Statutes,
and 69O-144.007, Florida Administrative Code, and have requested that their status be renewed beyond the current expiration date of
December 31, 2013:
HISCOX INSURANCE COMPANY (BERMUDA) LIMITED
PARTNER REINSURANCE COMPANY LTD.
RENAISSANCE REINSURANCE LTD.
TOKIO MILLENNIUM RE LTD.
ALLIED WORLD ASSURANCE COMPANY, LTD.
MONTPELIER REINSURANCE LTD.
ALTERRA BERMUDA LIMITED
ARCH REINSURANCE LTD
ASPEN BERMUDA LIMITED
AXIS SPECIALTY LIMITED
DAVINCI REINSURANCE LTD.
UNDERWRITERS AT LLOYD'S, LONDON
PLATINUM UNDERWRITERS BERMUDA, LTD.
ENDURANCE SPECIALTY INSURANCE LTD.
VALIDUS REINSURANCE, LTD.
The Office will review each insurers compliance with 624.610(3)(e) and 69O-144.007 prior to making a determination if these reinsurers will
continue to maintain their status. Comments and feedback about these eligible reinsurer renewal requests can be submitted to the Office by
sending an email to: ER.firstname.lastname@example.org. The deadline for this public comment period is
Friday, December 27, 2013.
Under Florida law, written communications to the Office are public record; this would include email addresses. They are subject to public
disclosure, including being available to the public and media if requested. For more information visit the Office of Insurance Regulation's