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FLORIDA - Florida has approved over ten new property and casualty insurers as part of ongoing legislative reforms aimed at stabilizing the insurance market.
These additions are expected to bolster the market with nearly $300 million in policyholder surplus, supporting Florida's substantial property growth.
The latest entrant, Mangrove Property Insurance, based in St. Petersburg, received its certificate of authority from the Florida Office of Insurance Regulation (OIR) on January 15, 2025.
The company plans to offer coverage through licensed independent agents across all 67 counties in Florida.
Additionally, Mangrove has been authorized to assume up to 81,040 personal residential insurance policies from Citizens Property Insurance Corporation in April, as part of the state's depopulation program aimed at reducing the number of policies held by the insurer of last resort.
Other newly approved insurers include ASI Select Insurance Corp., Trident Reciprocal Exchange, Ovation Home Insurance Exchange, Manatee Insurance Exchange, Condo Owners Reciprocal Exchange, Orange Insurance Exchange, Orion180 Select Insurance Company, Orion180 Insurance Company, Mainsail Insurance Company, and Tailrow Insurance Exchange.
Florida Insurance Commissioner Mike Yaworsky highlighted the positive impact of recent legislative reforms on the state's insurance market.
He noted that domestic companies reported more than $389 million in net income as of September 2024, indicating a trend toward market stabilization and growth.
These developments come as Florida continues to recover from the effects of recent hurricanes, which have led to increased insurance premiums and challenges in securing coverage for homeowners.
The introduction of new insurers is anticipated to enhance competition and provide more options for property owners across the state.
As the market continues to stabilize, there is ongoing interest from authorized insurers in participating in the Citizens Depopulation program, further indicating confidence in Florida's evolving insurance landscape.