Lloyd’s has received approval from the New York Insurance Department to post reduced collateral on reinsurance contracts. Lloyd’s is approved as a Secure-3 reinsurer, meaning its collateral requirements will be reduced from 100% to 20%.
Lloyd’s director of North America, Sean McGovern said: "We are very pleased that the New York Insurance Department has approved our application for reduced reinsurance collateral. This decision recognises Lloyd's long-standing financial strength and security.
“Foreign reinsurers play an important part in supporting the US insurance industry and the steps taken by some individual states to reduce collateral requirements are to be welcomed. However, our goal remains the complete and consistent removal of discriminatory collateral requirements in the US.”
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