U.S. Reinsurance Collateral

U.S. Ceding Companies Credit for Reinsurance

On December 29, 2015, Montpelier Reinsurance Ltd. (“Montpelier Re”) was merged with and into Endurance Specialty Insurance Ltd. (“Endurance”).  As the surviving entity, Endurance assumed all of Montpelier Re’s reinsurance agreement obligations, including reinsurance collateral.

Endurance intends primarily to utilize a multi-beneficiary reinsurance trust (“MBRT”) and a reduced collateral trust (“RCT”, together with the MBRT, the “Trusts”) to provide collateral for Endurance ceding companies (and former Montpelier ceding companies) domiciled in the United States. The Delaware Department of Insurance is the domiciliary regulator of the Trusts. View the letter from Delaware approving the Trusts. The Florida Office of Insurance Regulation, which is the NAIC Qualified Jurisdiction for Bermuda reinsurers, granted Endurance Certified Reinsurer status effective May 31, 2012, most recently renewed on October 22, 2015. View the documents related to Florida’s approval of Endurance and its use of the Trusts.

The dropdown menu below lists states where Endurance is approved to use the Trusts for reinsurance collateral. 

Each state listed allows a ceding company to take statutory statement credit for reinsurance recoverables owed by Endurance, including those formerly owed by Montpelier Re, through Endurance’s use of the MBRT or RCT.  

All other states - Endurance will provide a letter of credit to meet its reinsurance collateral obligations to Endurance and former Montpelier Re ceding companies.