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Alterra Bermuda Ltd. received approval to qualify as an “eligible reinsurer” from Florida regulators this week. It allows lower collateral requirements on non-domestic reinsurers that are highly rated and financially secure.

Alterra Bermuda can now post 20 per cent of loss reserves on property catastrophe reinsurance in Florida rather than the 100 per cent required by most non-U.S. reinsurers.

Florida is one of a few States to adopt this rule.

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