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The Florida Office of Insurance Regulation (OIR) has signed agreements with three Bermuda-based reinsurers to participate in Florida’s insurance marketplace under modified regulatory terms. The three companies are Ace Tempest Reinsurance Ltd., Hiscox Insurance Co. [Bermuda] Limited, and Partner Reinsurance Company Ltd.

During the 2007 special session, lawmakers passed legislation that authorized OIR to establish lower collateral requirements for alien (non-U.S.) reinsurers that are highly rated and financially sound. With this action, OIR has now authorized a total of six reinsurance companies to operate in Florida under these modified terms. The three companies approved earlier this year are Hannover Reinsurance, Hannover Insurance (Bermuda), and XL Re Ltd.

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