NU Online News Service, March 3, 1:39 p.m. EST

Tokio Millennium Re Ltd. and Allied World Assurance Company are the seventh and eighth Bermuda-based reinsurers authorized to post reduced collateral requirements to operate in Florida.

Reinsurance companies based outside of the United States previously had to provide full collateral in Florida to do business there. But legislation passed in 2007 allows a foreign reinsurer to post reduced collateral as long as it is highly-rated and financially sound. U.S reinsurers post no collateral.

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