Lloyds of London Signs as Reinsurer in Florida

The Florida Office of Insurance Regulation has signed a consent order that allows underwriters at Lloyds of London to operate in Florida as a reinsurer.

Lloyds is committed to providing insurance and reinsurance to protect people and businesses in Florida, Sean McGovern, general counsel and director of Lloyds America, stated in a release.

McGovern added that the state office has given us a clear signal that Florida is pro-business and actively encouraging investment.

Lloyds, now the first eligible reinsurer operating in Florida from the United Kingdom, had been granted status in July as an eligible reinsurer in New York.

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.

Lloyds' reported statutory capital and surplus is $29.9 billion, which exceeds the state's $250 million requirement.

Other eligible reinsurers in Florida include: Ace Tempest Reinsurance, Allied World Assurance Company Ltd., Alterra Bermuda Ltd., Arch Reinsurance Ltd., Ariel Reinsurance Company Ltd., Aspen Insurance Ltd., Axis Specialty Ltd., DaVinci Reinsurance Ltd., Hannover Re (Bermuda), Hannover Re (Germany), Hiscox Insurance Co., Montpelier Reinsurance Ltd., Partner Reinsurance Co., Renaissance Reinsurance, Tokio Millennium Re Ltd. and XL Re Ltd.