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Hannover Re's Florida collateral reduced
24 February 2010
In a first of its kind agreement, German reinsurer Hannover Re has become the first foreign reinsurer to benefit from lower collateral requirements in the US, with an agreement it has reached with the Florida Office of Insurance Regulation.
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collateral. Florida Office of Insurance Regulation
German reinsurer Hannover Re has become the first foreign reinsurer to benefit from lower collateral requirements in the US, with an agreement it has reached with the Florida Office of Insurance Regulation (FOIR).
The FOIR has announced a new agreement that encourages foreign reinsurance companies to join Florida’s marketplace by reducing collateral requirements for qualified companies.
Hannover Re has qualified as Florida’s first reinsurer to capitalise on those terms.
"Reaching an agreement with one of...
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