If trade barriers such as collateral requirements are lifted, foreign reinsurers could provide more support in the event of another U.S. mega-disaster along the lines of Hurricane Katrina, Lloyd’s Chairman Peter Levene contends.

Indeed, it is imperative for the United States to reform its “credit for reinsurance” rules that force foreign reinsurers to post collateral equal to 100 percent of their gross liabilities to U.S. companies, Lord Levene said in a recent speech to members of the Downtown Association and Insurance Brokers Association of New York.

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