Oakbridge Insurance Expands Presence in Florida's Property Insurance Market
Oakbridge Insurance Agency is expanding its footprint in Florida by partnering with The Ormond Agency, marking its first presence on the state's East Coast.
This strategic move by Oakbridge highlights its commitment to growth in one of the nation's most complex property insurance markets. The Ormond Agency, renowned for serving high-net-worth clients with specialized insurance needs, will remain operational in Ormond Beach. Under the guidance of Joe Lennartz, the agency focuses on insuring high-value homes and coastal properties, a critical service in the region given Florida's challenging underwriting landscape.
Adapting to Florida’s Insurance Market
Florida's property insurance market challenges personal lines brokers with its intricacies, where premium costs are nearly threefold above the national average. However, recent developments indicate some relief, as insurers like Edison Insurance and Citizens Property Insurance Corporation have announced rate reductions. Despite these adjustments, the market's complexity necessitates specialized local expertise, crucial for navigating the diverse carrier appetites and underwriting criteria.
| Insurer | Rate Change |
|---|---|
| Edison Insurance | 9.8% decrease |
| Citizens Property Insurance Corp | 2.6% average decrease |
Strategic Growth with a Local Touch
The partnership with The Ormond Agency is Oakbridge’s latest strategic endeavor in Florida, following collaborations with Hunnicutt Insurance Agency, Earl Bacon Agency, and Northeast Underwriters. This expansion now covers key regional markets including the Panhandle, North Florida, the Gulf Coast, and the Atlantic Coast. The agency will continue its operations under the Oakbridge umbrella while preserving its brand and client relationships.
“Ormond brings the kind of market knowledge that matters in Florida, particularly when clients have more specialized property and personal insurance needs.”
Matt James, CEO, Oakbridge Insurance
Opportunities for Independent Agents
The collaborative model with Oakbridge allows Florida’s independent agents to harness national resources while retaining their distinct local market advantage. As the state’s insurance rate environment shows signs of stabilization, agents focusing on high-net-worth clients can leverage recent rate reductions to re-evaluate and potentially re-shop existing policies. Such initiatives offer clients enhanced value and demonstrate proactive market engagement.