Florida Office of Insurance Regulation Allows Bermuda Reinsurer MS Frontier Reinsurance Limited to Operate with Reduced Collateral
Jun 14, 2013
The Florida Office of Insurance Regulation (“OIR”) advised yesterday, June 13, 2013, that it will allow Bermuda-based MS Frontier Reinsurance Limited to post reduced collateral and operate as the 21st eligible reinsurer in Florida offering property catastrophe reinsurance.
MS Frontier Reinsurance Limited reported capital and surplus exceeding $836 million on its most recent year-end financial statement as of December 31, 2012, which exceeds the $250 million requirement under Section, 624.610(3)(e), Florida Statutes. The reinsurer also indicated secure financial strength by demonstrating favorable ratings from two statistical rating organizations deemed acceptable by Florida Insurance Commissioner Kevin McCarty as having experience and expertise in rating insurers doing business in Florida.
Florida was 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.
To view a list of all Florida’s eligible reinsurers with corresponding consent orders and press releases, click here.
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