NU Online News Service, Sept. 28, 3:29 p.m. EDT
Hannover Re, named as the first foreign reinsurer to qualify for reduced collateral requirements in Florida, said the state has approved its Bermuda subsidiary to benefit from the same law.
Two years ago Florida passed one-of-a-kind legislation to allow a reinsurer to post reduced collateral as long as it is highly rated and financially sound. The objective is to attract more reinsurers to do business in Florida.
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