New insurance companies approved in Florida market
Eight new insurance companies were approved in the Florida market, which homeowners hope could stabilize the home insurance market.
TAMPA, Fla. – The office that regulates Florida’s insurance industry has issued an update on the state’s property and casualty insurance market.
The Florida Office of Insurance Regulation (OIR) announced Wednesday that “following historic legislative reforms designed to promote market stability,” eight property and casualty insurers have been approved to enter Florida’s insurance market.
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Ovation Home Insurance Exchange, the most recent approval, joins Manatee Insurance Exchange, Condo Owners Reciprocal Exchange, Orange Insurance Exchange, Orion180 Select Insurance Company, Orion180 Insurance Company, Mainsail Insurance Company, and Tailrow Insurance Companies as newly approved property and casualty insurers.
“Florida’s insurance market continues to strengthen, showing signs recent legislation is having positive impacts to the property insurance market,” Insurance Commissioner Michael Yaworsky said in a news release from OIR. “OIR remains steadfast in our efforts to stabilize Florida’s insurance market by implementing legislative reforms and recruiting more insurers to the state. We look forward to continuing this work and promoting a competitive market for policyholders.”
In addition to new companies entering the market, OIR approved the acquisition of Florida domestic property and casualty reciprocal insurer, Trusted Resource Underwriters Exchange.
The agency said the acquisition would allow the existing company to grow its footprint in the state and expand its underwriting capacity.
“As a result of OIR’s approval of the acquisition, more than $1.25 billion of capital is being invested into Florida’s property and casualty insurance market,” the agency said.
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Wednesday’s announcement comes after the state approved six new property insurance companies to enter the Florida market in January.
Regulators are working to offload policies from the state’s insurer of last resort, Citizens Home Insurance, amid fears that it may not have enough money in the event of a natural disaster.
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.