NU Online News Service, April 4, 1:51 p.m.EDT
|Arch Reinsurance Ltd. has become the 12th foreign reinsurer tobe approved in Florida to post reduced collateral.
|The Office of Insurance Regulation (OIR) says Arch is the 11threinsurer to be approved from Bermuda. The first, Hannover Re, isfrom Germany.
|The Sunshine State was the first to pass legislation to allow aforeign reinsurer to post reduced collateral as long as it ishighly rated and financially sound. Non-U.S. reinsurers formerlyhad to post full collateral, while U.S. reinsurers post nocollateral.
|Recently New Jersey and New York adopted similar measures to draw foreign reinsurers totheir states. Illinois and Louisiana are considering the newreduced collateral requirements.
|Florida requires foreign reinsurers to carry $100 million incapital and surplus to be eligible. Formed in 2002, ArchReinsurance Ltd. of Hamilton, Bermuda is a subsidiary of ArchCapital Group Ltd. The company has capital and surplus of $4.26billion, the OIR says.
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