The Florida Office of Insurance Regulation (OIR) said it has reached an agreement with a second reinsurer to participate in the state's market under modified regulatory terms.
XL Re Ltd. is the first reinsurance company from Bermuda to operate in Florida without having to put up 100 percent collateral, said the OIR.
Reinsurance companies based outside of the United States previously had to provide full collateral in Florida to do business there. But legislation passed two years ago allows a reinsurer to post reduced collateral as long as it is highly rated and financially sound.
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