Florida’s property insurance market has added its 12th new insurer since 2021, following a series of legislative reforms aimed at stabilizing the state’s insurance sector.
The Florida Office of Insurance Regulation (OIR) has authorized Apex Star Reciprocal Exchange to offer homeowners and commercial multiperil coverage, as well as fire, allied lines, inland marine, and other liability insurance.
According to the regulator, the 12 newly approved insurers collectively hold $418 million in policyholder surplus, supporting additional growth and capacity in the state’s insurance market.
Data from the Florida Office of Insurance Regulation show some early impacts of the regulatory changes. In the final quarter of 2024, homeowners insurance premiums in the state fell by 0.7%. Since January 2024, 19 insurers have submitted filings for rate reductions, while 37 companies have requested either no rate change or a 0% increase.
Earlier this year, the state approved Mangrove Property Insurance Co. to begin underwriting business. The company also received approval to assume 81,040 residential multiperil policies from Citizens Property Insurance Corp.
Between 2021 and 2024, the Florida Office of Insurance Regulation (OIR) approved several property insurance carriers to operate within the state, aiming to enhance market stability and provide consumers with more options.
The year 2022 saw multiple approvals: Centauri Specialty Insurance Company and Slide Insurance Company in the first quarter; Sutton National Insurance Company in the second quarter; and Loggerhead Reciprocal Interinsurance Exchange and VYRD Insurance Company in the fourth quarter.
In 2023, Mainsail Insurance Company, a Texas-based property and casualty insurer, was approved on Aug. 11. Shortly after, on Aug. 22, Orion180 Select Insurance Company and Orion180 Insurance Company, both Indiana-based insurers, received approval.
Additionally, Condo Owners Reciprocal Exchange was approved on Nov. 28 as a domestic property and casualty reciprocal insurer.
These approvals reflect Florida's efforts to diversify and strengthen its property insurance market, providing consumers with more choices and promoting market stability.
Florida Insurance Commissioner Mike Yaworsky (pictured above) attributed the expansion to legislative efforts in recent years. He said the growth is linked to the reform measures passed by lawmakers and warned against reversing those policies.
Yaworsky’s remarks come as state lawmakers consider proposals that would roll back some of the tort reforms related to attorney fees. Insurance trade associations, however, have warned that reversing these reforms could lead to an increase in litigation activity.
Over the past two years, Florida has seen more new insurer entries than any other state, according to the Insurance Information Institute. Mark Friedlander, the organization’s senior director of media relations, said that recent legal reforms have played a role in making the market more attractive to insurers.
Friedlander said that both new and existing property insurance companies are seeking to write business in Florida because the legal environment supports profitability.
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