Last checked at 2 Nov 2010 12:57
Hiscox secures lower collateral requirement from Florida regulator
Hamilton, Bermuda (2 November, 2010) - Hiscox Insurance Company (Bermuda) Limited ("Hiscox Bermuda"), a subsidiary of the international specialist insurer Hiscox Ltd (LSE:HSX) has announced that the Florida Office of Insurance Regulation has agreed to a reduction in its collateral requirements. Hiscox Bermuda will now have to post collateral of 20% of loss reserves rather than 100%, as was previously required.
Florida's insurance regulator has adopted a policy of lowering the level of collateral required for alien reinsurers who are highly-rated and financially sound. This will both encourage new entrants into the market and make it a more attractive location to underwrite reinsurance business for the global reinsurance community. Hiscox is the fourth organisation to secure these reduced requirements.
Krystalle Tobin, Chief Financial Officer, Hiscox Bermuda said: "We are very pleased with the decision of the Florida Office of Insurance Regulation. This is a good example of forward thinking by the State of Florida to reduce collateral requirements on foreign reinsurers thereby making doing business with Florida insurers more attractive. I am optimistic that other US states will follow Florida's lead."
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For further information please contact:
Hiscox
Laura Phipps | +44 (0)20 7448 6522 | laura.phipps@hiscox.com |
Krystalle Tobin | +1 441 278 8321 | krystalle.tobin@hiscox.bm |
Paper Plane Communications
Sebastian St.John-Clarke | +44 (0)845 652 1937 | sebastian@paperplanecommunications.co.uk |
About Hiscox
Hiscox, the international specialist insurer, is headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). There are three main underwriting parts of the Group - Hiscox London Market, Hiscox UK and Europe and Hiscox International. Hiscox London Market underwrites internationally traded business in the London Market - generally large or complex business which needs to be shared with other insurers or needs the international licences of Lloyd's. Hiscox UK and Hiscox Europe offer a range of specialist insurance for professionals and business customers, as well as high net worth individuals. Hiscox International includes operations in Bermuda, Guernsey and USA.
For further information, visit www.hiscox.com.