WEST PALM BEACH, Fla. — As eight new insurance companies enter Florida, the state’s chief financial officer said the competition they bring “will have an effect” on the marketplace.
“It doesn’t happen overnight, but eight new companies coming to the state of Florida, that’s more than any other state in the union can say,” Jimmy Patronis said Thursday during a visit to WPTV.
The companies, Ovation, Manatee, Condo Owners Reciprocal, Orange, Orion180 Select, Orion180, Mainsail and Tailrow are currently involved in take-out offers for Citizens policies.
WPTV
“We make sure that they’re vetted, that they are a legitimate leadership-established company to do that type of business in Florida,” Patronis said.
The companies though are far from household names, as insurance agent Paula Blanda, known as Paula the Insurance Lady, explained.
“The trend we see with the companies coming in, most are newer and most of them are a little smaller,” Blanda said.
WPTV
The companies coming in, she points out, are regulated by the state and come in with A ratings. Agents will be doing their own vetting.
Patronis said the influx of companies is the result of reforms in litigation reforms and ultimately will bring competition.
If you have a question or comment on homeowners insurance, email WPTV reporter Matt Sczesny at matt.sczesny@wptv.com
Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.