The Florida Office of InsuranceRegulation has signed a Consent Order that will allow Underwriters at Lloyd's, Londonto post reduced collateral and operate in Florida as an eligiblereinsurer.  

Florida is the first state to allow ceding insurance companiesto receive full credit on their financial statements forreinsurance purchased from non-U.S. based reinsurers that arehighly rated and financially sound.

Lloyd's reported statutory capital and surplus of $29.9 billion,which exceeds the $250 million requirement.

Lloyd's also indicated secure financial strength bydemonstrating favorable ratings from two statistical ratingorganizations deemed acceptable by the insurance commissioner ashaving experience and expertise in rating insurers doing businessin Florida. Lloyd's has already been granted status as an eligiblereinsurer under the same conditions in New York.

Lloyd's is the 17th eligible reinsurer operating in Florida withsimilar terms and the first headquartered in the UnitedKingdom. 

Others include: Ace Tempest Reinsurance; Allied World AssuranceCo.; Alterra Bermuda; Arch Reinsurance; Ariel Reinsurance Co.;Aspen Insurance; Axis Specialty; DaVinci Reinsurance; Hannover Re(Bermuda); Hannover Re (Germany); Hiscox Insurance Co.; MontpelierReinsurance; Partner Reinsurance Co.; Renaissance Reinsurance;Tokio Millennium Re; and XL Re.