Insurance Commissioner Mike Yaworsky Announces New Property & Casualty Insurers, Making 20 Companies Entering the Market Since Historic Legislative Reforms

TALLAHASSEE, Fla.-Insurance Commissioner Mike Yaworsky today is announcing three new property and casualty insurers entering Florida's market. The new companies, Builder Reciprocal Insurance Exchange, Frontline Insurance Reciprocal Exchange and Wingsail Insurance Company, now make 20 total insurers to enter the market since Florida's historic legislative reforms. To date, these new companies since the legislative reforms bring in more than $850 million in new capital to support additional growth in the state's property market. The number of condo association writers for wind only policies are also growing since reforms-from one writer to five in Broward, Miami-Dade and Palm Beach counties alone.<_o3a_p>

Florida domestic property companies reported an 83% pooled combined ratio as of year-end 2025, an impressive drop from 94% as of year-end 2024, 99% at year-end 2023, and further improving from 2022's 109%, 2021's 110% and 2020's 116%. Recent years' optimal combined ratios signify insurers' improved operating performance and a market showing measurable signs of rebound. Reinsurers are encouraged by Florida's resurging market and continue to show growing interest in underwriting Florida exposures.

Chief Financial Officer Blaise Ingoglia said, "Insurance companies continue to enter the Florida market because our historic tort reforms have paved the way to a stronger marketplace for homeowners. Competition is the best way to ensure that Floridians can access the best coverage at the best price and I look forward to making even more of these announcements in the future."

Commissioner Mike Yaworsky said, "Florida is becoming more and more of an attractive place to deploy capital. I am proud to announce that since enacting our historic legislative reforms, we now have 20 new companies writing property coverage in our market. The competition is thriving, and the Office of Insurance Regulation encourages consumers to shop around and look into each of these new companies."

Builder Reciprocal Insurance Exchange is based out of Texas and is now approved to write homeowners multi-peril insurance in Florida-focusing on new or newer home communities. The company will bring in more than $100 million in capital to the state.

Frontline Insurance Reciprocal Exchange is based out of Lake Mary and is now approved to write insurance in Florida for fire, allied lines, homeowners multi-peril, inland marine, boiler and machinery and other liability. The Frontline group also provides coastal coverage in Florida, Alabama, Georgia, North Carolina and South Carolina. The reciprocal will provide coverage to all of Florida's 67 counties.

Wingsail Insurance Company is domiciled in Arizona and is now expanding coverage to Florida for homeowners multi-peril insurance. Wingsail's leadership team also brings decades-worth of insurance experience, and the company is owned by Spinnaker Insurance Company.

Thanks to legislative reforms, OIR is also seeing positive news for the condo insurance market. The number of condo association writers by policies in force for wind has grown. Before reforms, Citizens was primarily the only writer in some coastal counties. Now, there is more competition, with data showing the highest number of condo association writers in the last 15 years.

Data confirms Florida's insurance market is sustainable and healthy. Since reforms, OIR has received over 190 residential filing requests for rate decreases or 0% increases. The 30-day average request for homeowners' rates is -1.2%, compared to -0.3% one year ago. The 180-day average request for homeowners' rates is -2.9%, compared to +0.7% one year ago. Three years ago, the 180-day avg. for homeowners was +6.6%.<_o3a_p>

For highlights on Florida's insurance market, click here.

OIR encourages companies to learn how to become authorized to sell insurance in Florida. Applications are accepted on a rolling basis, and OIR strives to conclude the review process of all complete applications within 60 days of submission. More information is available on OIR's company admissions page. A full list of new entities approved to enter the Florida insurance market is available on OIR's website here.