The Florida Office of Insurance Regulation has signed two consent orders that allow Ariel Reinsurance Co. Ltd. and DaVinci Reinsurance Ltd. to post reduced collateral and operate in Florida as eligible reinsurers. The Consent Order with Ariel and the Consent Order with DaVinci make these companies the fifteenth and sixteenth reinsurers respectively to operate in Florida with similar terms.
Florida is the first state to allow ceding insurance companies to receive full credit on their financial statements for reinsurance purchased from non-U.S. based reinsurers that are highly rated and financially sound.
Ariel reported capital and surplus of $1.3 billion, which exceeds the $100 million requirement. DaVinci reported capital and surplus of $1.4 billion. The reinsurers also indicated secure financial strength by demonstrating favorable ratings from two nationally recognized statistical rating organizations.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
