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Eligible 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.

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.

Company Name Press Release Consent Order
Ace Tempest Reinsurance Ltd. Press Release

Consent Order

Allied World Assurance Company, Ltd. Press Release

Consent Order

Arch Reinsurance Ltd. Press Release

Consent Order

Aspen Insurance Limited Press Release  

Consent Order

Axis Specialty Limited Press Release

Consent Order

DaVinci Reinsurance Ltd. Press Release

Consent Order

Endurance Specialty Insurance, Ltd. Press Release

Consent Order

Hannover Re (Bermuda) Ltd. No Press Release  

Consent Order

Hannover Ruck SE (f/k/a Hannover Ruckversicherung AG) Press Release

Consent Order

Letter - Name Change

Hiscox Insurance Company (Bermuda) Limited Press Release

Consent Order

Markel Bermuda Limited (f/k/a Alterra Bermuda Limited) Press Release

Consent Order

Montpelier Reinsurance Ltd. Press Release

Consent Order

MS Frontier Reinsurance Limited Press Release

Consent Order

Partner Reinsurance Company Ltd. Press Release

Consent Order

Platinum Underwriters Bermuda, Ltd. Press Release

Consent Order

Renaissance Reinsurance Ltd. Press Release

Consent Order

Tokio Millennium Re Ltd. Press Release

Consent Order

Underwriters at Lloyd’s, London Press Release

Consent Order

Validus Reinsurance,Ltd. Press Release

Consent Order

XL Re Ltd. Press Release

Consent Order