Alterra Bermuda Ltd has been admitted as an eligible reinsurer for reduced collateral status by the state of New York Insurance Department.The company, an operating unit of Bermuda-based Alterra Capital Holdings Ltd, will now be able to post collateral for 20 percent of property and casualty reinsurance loss reserves in New York rather than the 100 percent required by most non-US reinsurers.New York is currently among a small group of states within the US to adopt this rule, which effectively lowers the barriers of entry into the market for non-US reinsurers. Alterra Bermuda was previously approved as an eligible reinsurer for reduced collateral status by the state of Florida.