TALLAHASSEE (CBS4) – There’s a big sigh of relief coming from the state’s property insurers now that Lloyd’s of London plans to operate in Florida offering backup coverage.

The state Office of Insurance Regulation on Thursday signed a consent order making Lloyd’s an eligible reinsurer with reduced collateral.

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Lloyd’s is the 17th reinsurer operating in Florida under those terms.

It’ll now be easier for Florida insurance companies to obtain reinsurance from Lloyd’s, one of the oldest and largest non-U.S. reinsurers.

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Florida is the first state to give insurers full credit on their financial statements for coverage from non-U.S. reinsurance firms.

That reduces the amount of reserves insurance companies need.

Lloyd’s has nearly $30 billion in statutory capital and surplus, far in excess of a $250 million requirement.

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