Platinum Receives Florida Go-Ahead
Florida’s Office of Insurance Regulation has signed a consent order allowing Bermuda’s Platinum Underwriters to operate with reduced collateral and as an eligible reinsurer in the state.
The signed consent makes Platinum as the 16th Bermuda reinsurer to operate in Florida with similar terms, out of a total of about 18 eligible reinsurers in the state.
Platinum had reported capital and surplus of $1.36bn on their recent year-end financial statement exceeding the $250m requirement under the Florida laws.
Pembroke-based Platinum had also demonstrated favourable ratings from two statistical rating organisations acceptable by the Florida commissioner for indicating secure financial strength.
Florida allowed ceding insurance companies to receive full credit on their financial statements for reinsurance acquired from non-US reinsurers that are highly rated and financially sound.
