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Office Allows Bermuda Reinsurer to Operate with Reduced Collateral Requirements

The Florida Office of Insurance Regulation (Office) today announced agreements with three Bermuda-based reinsurers to participate in Florida's insurance marketplace under modified regulatory terms: Ace Tempest Reinsurance Ltd. (Ace Tempest Re), Hiscox Insurance Company [Bermuda] Limited (Hiscox), and Partner Reinsurance Company Ltd. (Partner Re). The three companies are not affiliated with each other.

The Florida Office of Insurance Regulation (Office) today announced agreements with three Bermuda-based reinsurers to participate in Florida's insurance marketplace under modified regulatory terms: Ace Tempest Reinsurance Ltd. (Ace Tempest Re), Hiscox Insurance Company [Bermuda] Limited (Hiscox), and Partner Reinsurance Company Ltd. (Partner Re). The three companies are not affiliated with each other.

TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation (Office) today announced an agreement with Bermuda-based reinsurer XL Re Ltd (XL) to participate in Florida's insurance marketplace under modified regulatory terms. During a Property Insurance Special Session in 2007, Florida lawmakers passed legislation that authorized the Office to establish lower collateral requirements for alien (non-U.S.) reinsurers that are highly-rated and financially sound.

The Florida Office of Insurance Regulation (Office) today announced a new agreement that encourages foreign reinsurance companies to join Florida’s marketplace, something that Florida’s Legislature promoted as a result of the 2007 Property Insurance Special Session. The goal is to recruit more reinsurers to conduct business in Florida by reducing collateral requirements for qualified companies.