Bermuda-based Validus Reinsurance Ltd. has been signed as the 20th foreign company to offer reinsurance by the Florida Office of Insurance Regulation.
Florida allows 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.
Validus reported capital and surplus of $3.3 billion on its year-end financial statement, exceeding the state’s $250 million requirement, according to the OIR.
Validus is the 18th company from Bermuda. The other two foreign companies are from Germany and the United Kingdom.
Other eligible reinsurers in Florida include: Ace Tempest Reinsurance Ltd.; Allied World Assurance Company Ltd.; Alterra Bermuda Limited; Arch Reinsurance Ltd.; Ariel Reinsurance Company Ltd.; Aspen Insurance Limited; Axis Specialty Limited; DaVinci Reinsurance Ltd.; Endurance Specialty Insurance, Ltd.; Hannover Re (Bermuda) Ltd.; Hannover Ruckversicherung AG; Hiscox Insurance Company (Bermuda) Limited; Montpelier Reinsurance Ltd.; Partner Reinsurance Company Ltd.; Platinum Underwriters Bermuda Ltd.; Renaissance Reinsurance Ltd.; Tokio Millennium Re Ltd.; Underwriters at Lloyds, London; and XL Re Ltd.