Bermuda insurer Renaissance Reinsurance Ltd. has been approved to take part in Florida’s property reinsurance marketplace with modified collateral requirements. Legislation passed in 2007 authorized the state's Office of Insurance Regulation to set reduced collateral requirements for non-United States based reinsurers that are highly rated and financially secure. Florida Insurance Commissioner Kevin McCarty has now approved a total of seven reinsurance companies to operate in Florida under modified terms. Renaissance Reinsurance Ltd. joins the six companies that were approved in 2010: Hannover Ruckversicherung AG (Hannover Re), Hannover Re (Bermuda) Ltd., XL Re Ltd., Ace Tempest Reinsurance Ltd., Hiscox Insurance Co. (Bermuda) Ltd., and Partner Reinsurance Co. Ltd.