XL Re Ltd is the first Bermuda reinsurer to receive such approval since Florida passed a rule based on 2007 legislation allowing the Office to establish lower collateral requirements for foreign reinsurers that are highly rated and financially sound.
In its consent order, the Office cited various reasons for granting approval to XL Re Ltd including its secure financial strength ratings and its domiciliary regulatory jurisdiction.
James H. Veghte, Chief Executive of XL’s Reinsurance Operations, said: “This is good news for XL Re, the Bermuda market, and Florida. We are encouraged that Florida is helping lead the way in elimination of unnecessary collateral requirements on foreign reinsurers. We remain fully committed to meeting the reinsurance needs of our clients in Florida and around the globe. I also want to extend my gratitude to my XL colleagues who worked with the Florida Office of Insurance Regulation on obtaining this approval.”
About XL Re
XL Re is the global brand used by XL Capital Ltd’s reinsurance operations. The XL Re companies have more than 350 employees in 11 countries. More information about XL Re companies is available at www.xlre.com. Through its operating subsidiaries, XL Capital Ltd is a global insurance and reinsurance company providing property, casualty, and specialty products to industrial, commercial and professional firms, insurance companies, and other enterprises on a worldwide basis. More information about XL Capital Ltd is available at www.xlcapital.com