Aspen Insurance Ltd yesterday became the 12th Bermuda-based reinsurer approved for lower collateral requirements by the state of Florida.The Florida Office of Insurance Regulation made the announcement yesterday.The state approves effectively allows the companies to write more more business in the hurricane-prone state.The Florida regulator said Aspen reported capital and surplus of $1.6 billion, which exceeds the $100 million requirement under section 624.610(3)(e), Florida Statutes.The reinsurer also indicated secure financial strength by demonstrating favourable ratings from two nationally recognised statistical rating organisations.Other Bermuda-based eligible reinsurers in Florida include: Ace Tempest Reinsurance, Allied World Assurance Company Bermuda, Alterra Bermuda Ltd, Arch Reinsurance Ltd, Hannover Re (Bermuda), Hiscox Insurance Company, Montpelier Reinsurance Ltd, Partner Reinsurance Company, Renaissance Reinsurance, Tokio Millennium Re Ltd., and XL Re Ltd. Hannover Re from Germany was the first to gain approval and the only non-Bermudian reinsurer on Florida’s approved list.