The Florida Office of Insurance Regulation has signed a consent order that allows Platinum Underwriters Bermuda to operate with reduced collateral and as an eligible reinsurer in Florida.
The signed consent makes Platinum as the sixteenth Bermuda reinsurer to operate in Florida with similar terms, out of a total of about 18 eligible reinsurers in the state.
Platinum had reported capital and surplus of $1.36bn on their recent year-end financial statement exceeding the $250m requirement under the Florida laws.
Platinum had also demonstrated favorable ratings from two statistical rating organizations acceptable by the Florida commissioner for indicating secure financial strength.
Florida allowed ceding insurance companies to receive full credit on their financial statements for reinsurance acquired from non-US reinsurers that are highly rated and financially sound.