Endurance Specialty Signed as Florida’s 19th Reinsurer

The Florida Office of Insurance Regulation has signed a consent order that allows underwriters at the Bermuda-based Endurance Specialty Insurance Ltd. to operate in Florida as a reinsurer.

Florida allows 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.

Endurance reported capital and surplus of $2.4 billion on their year-end financial statement, exceeding the states $250 million requirement, according to the OIR.

Endurance is the 17th company from Bermuda and 19th overall to sign a consent order with the state.

Other eligible reinsurers in Florida include (in alphabetical order): Ace Tempest Reinsurance Ltd.; Allied World Assurance Company Ltd.; Alterra Bermuda Limited; Arch Reinsurance Ltd.; Ariel Reinsurance Company Ltd.; Aspen Insurance Limited; Axis Specialty Limited; DaVinci Reinsurance Ltd.; Hannover Re (Bermuda) Ltd.; Hannover Ruckversicherung AG; Hiscox Insurance Company (Bermuda) Limited; Montpelier Reinsurance Ltd.; Partner Reinsurance Company Ltd.; Platinum Underwriters Bermuda Ltd.; Renaissance Reinsurance Ltd.; Tokio Millennium Re Ltd.; Underwriters at Lloyds, London; and XL Re Ltd.