The Florida Office of Insurance Regulation has signed a Consent Order that will allow Underwriters at Lloyd's, London to post reduced collateral and operate in Florida as an eligible reinsurer.

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.

Lloyd's reported statutory capital and surplus of $29.9 billion, which exceeds the $250 million requirement.

Lloyd's also indicated secure financial strength by demonstrating favorable ratings from two statistical rating organizations deemed acceptable by the insurance commissioner as having experience and expertise in rating insurers doing business in Florida. Lloyd's has already been granted status as an eligible reinsurer under the same conditions in New York.

Lloyd's is the 17th eligible reinsurer operating in Florida with similar terms and the first headquartered in the United Kingdom.

Others include: Ace Tempest Reinsurance; Allied World Assurance Co.; Alterra Bermuda; Arch Reinsurance; Ariel Reinsurance Co.; Aspen Insurance; Axis Specialty; DaVinci Reinsurance; Hannover Re (Bermuda); Hannover Re (Germany); Hiscox Insurance Co.; Montpelier Reinsurance; Partner Reinsurance Co.; Renaissance Reinsurance; Tokio Millennium Re; and XL Re.

Special Reports /

Florida OIR Grants Underwriters at Lloyd’s Eligible Reinsurer Status

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