Capital rules relaxed in 2007 but XL is Bermuda’s first
XL Capital’s global reinsurance operation XL Re, has become the first Bermuda reinsurer to qualify as an “Eligible Reinsurer” by the Florida Office of Insurance Regulation since new rules came in in 2007.
James Veghte, chief executive of XL’s Reinsurance Operations, said: “This is good news for XL Re, the Bermuda market, and Florida. We are encouraged that Florida is helping lead the way in elimination of unnecessary collateral requirements on foreign reinsurers.
“We remain fully committed to meeting the reinsurance needs of our clients in Florida and around the globe.”
