TWO ADDITIONAL BERMUDA REINSURERS ADMITTED UNDER FLORIDA’S REDUCED COLLATERAL REQUIREMENTS
Alterra Bermuda Limited and Arch Reinsurance Limited were both approved by Consent Order of the Florida Office of Insurance Regulation, to become the eleventh and twelfth reinsurers, respectively, admitted under Florida’s law allowing foreign reinsurers to post reduced collateral, upon demonstration that they are financially sound and highly rated by eligible ratings institutions. As set forth in the respective Orders, Alterra is a Bermuda-based reinsurer with capital and surplus in excess of $1.5 billion, and Arch is a Bermuda-based reinsurer with over $4.2 billion in capital and surplus. In re: Alterra Bermuda Limited, No. 115697-11-CO (Fla. O.I.R. March 23, 2011); In re: Arch Reinsurance Limited, No. 115570-11-CO (Fla. O.I.R. March 31, 2011).
This post written by John Pitblado.
