New Insurers Enter Florida Market Amid Legislative Reforms
Three new property and casualty insurers have begun operations in Florida, signaling continued growth in the state’s insurance market following significant legislative reforms. According to the Florida Office of Insurance Regulation (OIR), Builder Reciprocal Insurance Exchange, Frontline Insurance Reciprocal Exchange, and Wingsail Insurance Company are the latest entrants. This brings the total number of new insurers in the market to 20 since the enactment of the reforms.
These companies have collectively contributed over $850 million in capital, bolstering Florida's property insurance market. The combined ratio for Florida-based property insurers stood at 83% by the end of 2025, reflecting a consistent improvement. This metrics drop from 94% at the end of 2024 and 99% in 2023 signifies enhanced operational effectiveness and market recovery. Reinsurers are increasingly interested in underwriting in Florida, encouraged by these improvements.
Between 2022 and 2024, major insurers limited their Florida operations due to the high volume of insurance-related litigation, natural disasters, and increasing reinsurance costs. However, following legislative initiatives targeting lawsuit abuses, insurers are starting to re-enter the Florida market. Florida’s Chief Financial Officer, Blaise Ingoglia, attributed the renewed interest to the state’s legislative reforms fostering healthier competition, leading to better consumer options.
Insurance Commissioner Mike Yaworsky highlighted that Florida is becoming an appealing destination for new insurers due to these reforms, with 20 new firms now active. Yaworsky urges consumers to explore coverage possibilities among these new entrants.
Builder Reciprocal Insurance Exchange, based in Texas, is approved to offer multi-peril homeowners insurance in Florida, focusing on emerging communities with $100 million in capital. Frontline Insurance Reciprocal Exchange, from Lake Mary, plans to provide fire, homeowners, and liability insurance throughout Florida's counties and other coastal regions. Meanwhile, Wingsail Insurance Company, domiciled in Arizona and owned by Spinnaker Insurance Company, is extending its services to include Florida's multi-peril homeowners insurance market.
The availability of condo association wind-only policies has increased, with the number of providers rising from one to five in key counties like Broward, Miami-Dade, and Palm Beach. Prior to these reforms, Citizens Property Insurance Corp. was often the sole provider in certain areas, but the current conditions reflect an increase in competition, marking the highest number of providers in 15 years.