Renaissance Reinsurance Approved by Florida

Bermuda-based Renaissance Reinsurance Ltd. has been approved to participate in Florida’s property reinsurance marketplace with modified collateral requirements.

In 2007,  lawmakers in the hurricane-prone state passed legislation authorising the Office of Insurance Regulation to establish lower collateral requirement for non-United States based reinsurers which are highly-rated and financially sound.

The Florida Insurance Commissioner has now approved a total of seven reinsurance companies to operate in Florida under modified terms. The six companies approved in recent months include Hannover Ruckversicherung AG (Hannover Re), Hannover Re (Bermuda) Ltd., XL Re Ltd., Ace Tempest Reinsurance Ltd., Hiscox Insurance Co. (Bermuda) Ltd., and Partner Reinsurance Co. Ltd.

RenaissanceRe is a global provider of reinsurance and insurance to cover the risk of natural and man-made catastrophes. Founded in Bermuda in 1993 in the aftermath of Hurricane Andrew to provide additional capacity to Florida’s property insurance marketplace, it is now one of the world’s largest catastrophe reinsurers and has also established a significant franchise as a specialty reinsurer for a wide range of coverages.

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