Praxis Reciprocal Exchange Launches as Florida-Based Reciprocal Property Insurer

Praxis Reciprocal Exchange (PRE), a newly formed property insurance carrier domiciled in Florida, has received its certificate of authority from the Florida Office of Insurance Regulation (OIR). PRE operates as a reciprocal insurer, which means it is owned by its policyholders and managed by Pre Risk Management, LLC as its Attorney-in-Fact. This structure prioritizes policyholder interests by aligning financial outcomes and governance with those insured.

The creation of PRE aims to address the unique challenges present in Florida's property insurance market by providing stability, choice, and a long-term commitment to homeowners and communities. The carrier's leadership team brings over 75 years of combined experience in Florida's property insurance sector, including expertise in agency distribution, underwriting, claims management, and reinsurance. PRE is supported by strong capital and strategic reinsurance partnerships to bolster sustainable coverage solutions.

PRE's reciprocal model focuses on transparency, alignment, and accountability, placing policyholders at the center of decision-making. This approach is designed to enhance market resilience by offering innovative products and responsive services tailored to Florida's property insurance landscape. The insurer also leverages advanced technology powered by Exzeo to streamline operations and improve service delivery.

The formation and launch of PRE involved strategic advisory from Aon Reinsurance Solutions, a leading reinsurance advisory firm. With its licensure now secured, PRE plans to begin issuing policies in Florida in the coming months, contributing to the diversification and strengthening of the state's property insurance market.

Overall, PRE's establishment as a reciprocal insurer provides an alternative insurance model focused on policyholder governance and market stability, which may influence competitive dynamics within Florida's property insurance sector. Its entrance reflects ongoing efforts to improve insurance availability and financial reliability for homeowners in a state with significant exposure to property risks.