Alterra gets New York collateral reduction.

The article reports that New York has approved reinsurer Alterra Bermuda Ltd. as eligible for reduced collateral status. Alterra Bermuda can now post collateral for 20% of casualty reinsurance or property loss reserves in the state than 100% which most non-U.S. reinsurers require. The State of Florida had previously approved Alterra Bermuda as an eligible reinsurer for reduced collateral status.