Allied World Bermuda Receives Florida Approval to Qualify as Eligible Reinsurer

Allied World Assurance Company Holdings, AG AWH announced today that Allied World Bermuda received approval from the state of Florida to qualify as an "Eligible Reinsurer," which allows lower collateral requirements on non-domestic reinsurers that are highly rated and financially secure. Allied World will now be able to post 20 percent of loss reserves on property catastrophe reinsurance in Florida rather than the 100 percent required by most non-U.S. reinsurers. Florida is currently among a small group of states within the U.S. to approve this rule, effectively lowering the barriers of entry into the market for non-US reinsurers.