The Florida Office of Insurance Regulation has signed two consent orders that allow Ariel Reinsurance Co. Ltd. and DaVinci Reinsurance Ltd. to post reduced collateral and operate in Florida as eligible reinsurers. The Consent Order with Ariel and the Consent Order with DaVinci make these companies the fifteenth and sixteenth reinsurers respectively to operate in Florida with similar terms.
Florida is the first state to allow ceding insurance companies to receive full credit on their financial statements for reinsurance purchased from non-U.S. based reinsurers that are highly rated and financially sound.
Ariel reported capital and surplus of $1.3 billion, which exceeds the $100 million requirement. DaVinci reported capital and surplus of $1.4 billion. The reinsurers also indicated secure financial strength by demonstrating favorable ratings from two nationally recognized statistical rating organizations.
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