The Florida Office ofInsurance Regulation (OIR) has signed agreements with threeBermuda-based reinsurers to participate in Florida's insurancemarketplace under modified regulatory terms. The three companiesare Ace Tempest ReinsuranceLtd., HiscoxInsurance Co. [Bermuda] Limited, and Partner Reinsurance CompanyLtd.
During the 2007 special session, lawmakers passed legislationthat authorized OIR to establish lower collateral requirements foralien (non-U.S.) reinsurers that are highly rated and financiallysound. With this action, OIR has now authorized a total of sixreinsurance companies to operate in Florida under these modifiedterms. The three companies approved earlier this year are HannoverReinsurance, Hannover Insurance (Bermuda), and XL Re Ltd.
"Florida has played a key role in modernizing the U.S.reinsurance market," remarked Insurance Commissioner Kevin McCarty."These collateral agreements are intended to encourage additionalinvestment in Florida's property insurance marketplace."
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