Aspen Insurance Ltd., hasreceived approval from the FloridaOffice of Insurance Regulation to post reducedcollateral and operate in Florida as an eligible reinsurer. ThisConsentOrder makes Aspen the twelfth Bermuda reinsurer—and thirteenthoverall—to operate in Florida with similar terms. The firstreinsurer to operate with similar terms is from Germany.
|Aspen reported capital and surplus of $1.6 billion, whichexceeds the $100 million requirement under Section 624.610(3)(e),Florida Statutes. The reinsurer also indicated secure financialstrength by demonstrating favorable ratings from two nationallyrecognized statistical rating organizations.
|Florida is the first state to allow ceding insurance companiesto receive full credit on their financial statements forreinsurance purchased from non-U.S. based reinsurers that arehighly rated, and financially sound. Several other states are nowin the process of adopting similar reduced collateralrequirements.
|Other eligible reinsurers in Florida include Ace TempestReinsurance, Allied World Assurance Company LTD, Alterra BermudaLimited, Arch Reinsurance Ltd., Hannover Re (Bermuda), Hannover Re(Germany), Hiscox Insurance Company, Montpelier Reinsurance Ltd,Partner Reinsurance Company, Renaissance Reinsurance, TokioMillennium Re Ltd., and XL Re Ltd.
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