Following 2007 legislative action and subsequent rule-making in 2008, the Office of Insurance Regulation (OIR) was allowed to establish lower collateral requirements for non-U.S.-based reinsurers. These reinsurers had to be highly-rated and financially sound meeting stringent capital and surplus requirements.
In 2010, Florida signed the first agreement in the United States with an eligible non-U.S.-based reinsurer – Hannover Ruckversicherung AG, based in Germany. Certified reinsurers operating in Florida are listed below. These certified reinsurers are based in Bermuda, Germany, Switzerland, Ireland, or the United Kingdom, all of which are considered qualified jurisdictions.
Florida was also 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. Other states have since followed Florida’s lead and adopted similar provisions in their laws.
Effective June 15, 2020, the designated maximum rating and corresponding collateral required is based on the certified reinsurer’s current lowest financial strength rating assigned by the following rating agencies: A.M. Best Company, Standard and Poor’s, Moody’s Investors Service, Demotech, Fitch Ratings, and Kroll Bond Rating Agency, Inc. In conjunction with this requirement, the certified reinsurer must obtain a financial strength rating from at least two of the acceptable rating agencies. For more information about the secure financial strength rating, click here.
Applicants Seeking Certified Reinsurer Status:
Pursuant to Rule 69O-144.007(8)(b), Florida Administrative Code, OIR invites members of the public to respond to Certified Reinsurer applications submitted to the office. Interested and affected parties will have 30 days from the date the notice is posted to submit comments and responses to the applications listed below. Please click on the name of the reinsurer for the notice and information on how to submit public comments. OIR will not take final action on an application until at least 30 days after the notice is posted.
Alison Sterett
Alison.Sterett@floir.com
(850) 413-5201
Nicole Crockett
Nicole.Crockett@floir.com
(850) 413-5240
Ainsley Hurley
Ainsley.Hurley@floir.com
(850) 413-5206
Pursuant to Rule 69O-144.007(8)(b), OIR is required to post notice on OIR's website with instructions for public comment upon receipt of a certified reinsurer application. Public comments in response to this application will be accepted until Thursday, April 20, 2023. Please submit your comments by sending an e-mail to Certified ReinsurerApp@floir.com with "XL Re Europe SE" in the subject line of the e-mail.
Company | Rating | Documents & Collateral, Deferment Approval Letters |
Allied World Assurance Company, Ltd. | Secure - 4 | Consent Order |
Arch Reinsurance Ltd. | Secure - 3 | |
Aspen Bermuda Ltd. (f/k/a Aspen Insurance Ltd.) | Secure - 4 | Consent Order Press Release Hurricane Ian |
Axis Specialty Limited | Secure - 3 | Consent Order Press Release Hurricane Ian |
Chubb European Group SE | Secure - 2 | Approval Letter |
Chubb Tempest Reinsurance Ltd. (f/k/a Ace Tempest Reinsurance Ltd.) | Secure - 2 | Consent Order Letter - Name Change Press Release Hurricane Irma Hurricane Michael |
DaVinci Reinsurance Ltd. | Secure - 4 | Consent Order Press Release Hurricanes Delta, Zeta, Eta Hurricane Sally Hurricane Laura Hurricane Irma Hurricane Florence Hurricane Michael Hurricane Dorian Hurricane Ida Hurricane Ian |
Endurance Specialty Insurance, Ltd. | Secure - 3 | Consent Order Press Release |
Fidelis Insurance Bermuda Limited | Secure - 4 | Approval Letter |
Fidelis Underwriting Limited | Secure - 4 | Approval Letter |
Hamilton Re, Ltd. | Secure - 4 | Approval Letter |
Hannover Life Reassurance Company of America (Bermuda) Ltd. | Secure - 2 | Consent Order |
Hannover Re (Bermuda) Ltd. | Secure - 2 | Consent Order |
Hannover Ruck SE (f/k/a Hannover Ruckversicherung AG) | Secure - 2 | Consent Order Letter - Name Change Press Release |
Hiscox Insurance Company (Bermuda) Limited | Secure - 3 | Consent Order Hurricane Ian |
Markel Bermuda Limited (f/k/a Alterra Bermuda Limited) | Secure - 3 | Consent Order Press Release Hurricane Irma |
Partner Reinsurance Company Ltd. | Secure - 3 | Consent Order Press Release |
Partner Reinsurance Europe SE | Secure - 3 | Consent Order |
RenaissanceRe Europe AG (f/k/a Tokio Millennium Re AG) | Secure - 3 | Consent Order Letter - Name Change Press Release Hurricane Ida Hurricane Ian |
Renaissance Reinsurance Ltd. | Secure - 3 | Consent Order Press Release Hurricanes Delta, Zeta, Eta Hurricane Sally Hurricane Laura Hurricane Irma Hurricane Florence Hurricane Michael Hurricane Dorian Hurricane Ida Hurricane Ian |
Somerset Reinsurance Ltd. | Secure - 5 | Consent Order |
Swiss Reinsurance Company Ltd. | Secure - 2 | Consent Order |
Underwriters at Lloyd's, London | Secure - 3 | Consent Order Press Release |
Validus Reinsurance, Ltd. | Secure - 3 | Consent Order |
Wilton Reinsurance Bermuda Limited | Secure - 3 | Consent Order |
XL Bermuda Ltd (f/k/a XL Re Ltd) | Secure - 2 | Consent Order Letter - Name Change Press Release Hurricane Irma |
Company | Jurisdiction | Year(s) | Lines |
DaVinci Reinsurance Ltd. | Bermuda | 2022, 2023 | P&C |
Hannover Life Reassurance Company of America (Bermuda) Ltd. | Bermuda | 2022 | Life, Annuities, A&H |
Renaissance Reinsurance Ltd. | Bermuda | 2022, 2023 | P&C |
RenaissanceRe Specialty U.S. Ltd. | Bermuda | 2022, 2023 | P&C |
Underwriters at Lloyd's, London | United Kingdom | 2022, 2023 | Life, Annuities, A&H, P&C |
Ascot Bermuda Limited | Bermuda | 2022, 2023 | P&C |
Aspen Bermuda Limited | Bermuda | 2022, 2023 | P&C |
Convex Insurance UK Limited | United Kingdom | 2022, 2023 | P&C |
Convex Re Limited | Bermuda | 2022, 2023 | P&C |
Group Ark Insurance Limited | Bermuda | 2022, 2023 | P&C |
Lancashire Insurance Company Ltd | Bermuda | 2022, 2023 | P&C |
Partner Reinsurance Europe SE | Ireland | 2022, 2023 | Life, Annuities, A&H, P&C |
Renaissance Europe AG | Switzerland | 2022, 2023 | P&C |
Vermeer Reinsurance Ltd. | Bermuda | 2022, 2023 | P&C |
Hannover Re (Ireland) DAC | Ireland | 2023 | Life, A&H, P&C |
Hannover Ruck SE | Germany | 2023 | Life, Annuities, A&H, P&C |
Hiscox Insurance Company (Bermuda) Limited | Bermuda | 2023 | P&C |
Partner Reinsurance Company Ltd. | Bermuda | 2023 | Life, Annuities, A&H, P&C |
Fidelis Underwriting Limited | United Kingdom | 2023 | Life, Annuities, A&H, P&C |
Chubb Tempest Reinsurance Ltd. | Bermuda | 2022, 2023 | Life, A&H, P&C |
Validus Reinsurance Ltd. | Bermuda | 2023 | P&C |
Münchener Rückversicherung-Gesellschaft Aktiengesellschaft in München (Munich Re) | Germany | 2023 | Life, A&H, P&C |
Validus Reinsurance (Switzerland) Ltd. | Switzerland | 2023 | A&H, P&C |
Allied World Assurance Company, Ltd. | Bermuda | 2023 | P&C |
Florida recognizes Standard & Poor’s, Moody’s Investors Service, Fitch Ratings, A.M. Best Company, and Demotech as rating agencies pursuant to section 624.610, Florida Statutes, and Rule 69O-144.007, Florida Administrative Code. Section 624.610(3)(e), Florida Statutes, authorizes OIR to deem a company that possesses the experience and expertise in rating insurers to be a rating agency in Florida. Orders issued by OIR deeming a company acceptable as a rating agency in Florida are below.