U.S. Ceding Companies Credit for Reinsurance
Endurance Specialty Insurance Ltd. (“Endurance”), a wholly owned subsidiary of Sompo Holdings Inc., primarily utilizes 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 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 through December 31, 2020.
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 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 ceding companies.