Allied World Bermuda wins Florida approval – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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Allied World Bermuda wins Florida approval

Allied World Bermuda has become the eighth Island company to win approval from the state of Florida for reduced collateral requirements.

The company, a unit of Switzerland-based Allied World Assurance Company Holdings, AG announced the news today.

Allied World Bermuda will now be able to post 20 percent of loss reserves on property catastrophe reinsurance in Florida rather than the 100 percent required by most non-US reinsurers.

Florida is currently among a small group of states within the US to approve this rule, effectively lowering the barriers of entry into the market for non-US reinsurers.

Allied World joins Hannover Re Bermuda, Ace Tempest Re, XL Re, Hiscox Bermuda, PartnerRe and RenaissanceRe as non-US “eligible reinsurers” in Florida, as well as one other, German giant Hannover Ruckversicherung AG.

The Florida Office of Insurance Regulation reviews reinsurers for approval after companies undergo a selective application process requiring them to have capital and surplus of at least $100 million, proof of financial strength by at least two nationally recognised rating organisations, and evidence of continued financial soundness and stability.

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Published March 03, 2011 at 11:00 am (Updated March 03, 2011 at 11:24 am)

Allied World Bermuda wins Florida approval

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