Another new real estate insurance company was approved to provide compensation in the state by Florida regulatory authorities. It has been 11 days since the parliament enacted reforms to strengthen the insurance company’s final reform.
The company announced on Monday that it was approved on January 15 by the Certificate of Insurance, a certificate of authority, on January 15, based in St. Petersburg.
In a news release, the office stated that it would provide compensation through the approved independent agents across the entire 67 counties in Florida.
On the same day, the office approved the application for mangrove, and in April it was approved to undertake up to 81,040 private resident insurance contracts from the so -called “last residence insurance company” of state -owned citizen property insurance companies. I did.
Thanks to the process program, citizens’ policies have decreased by more than 400,000 policies since peaking to 1.4 million in September 2023. It is less than 20 % from the prediction cost of civil policy.
Mangrove was approved by Secretary of State to operate as a Florida company on January 8. A statement uploaded by filing states that trading will not start until at least $ 15 million capital and surplus are accumulated.
MANGROVE is led by Stephen WEINSTEIN, a former Vice President and Supreme Legal Officer of Renaissance, based in Bermuda, and the current chairman of Bermuda’s based in Bermuda. He is also the chairman of the non -profit scientific research and educational institution of Bermuda Marine Science (BIOS).
In a news release by a Monday company, Winestein states: “The wise legislation and regulatory reforms have stabilized the Florida market, giving the confidence to enter the market with new capital and ability to support the needs of real estate insurance. Mangrove. To protect Florida’s coastline from erosion and storm surge, the mangrove property insurance company promises a permanent solution that can rely on Florida to protect property. “
In the news release, the “partner that supports our company’s launch” is the company’s REINSURANCE BROKER OF RECORD, and Capital Markets Adviser and Sole Structuring and Placement. It was identified as GALLAGHER SECURITIES.
The company has applied for a rating of financial skills from the rating company, Demotech Inc., and will start writing a covers of housing owners as soon as the rating is secured.
Insurance members Mike Yawalski stated that 10 new companies had surplus of more than $ 297 million in order to support further growth in the state’s property insurance market. According to the news release of the Florida Insurance Regulatory Bureau, domestic companies reported more than $ 389 million as of September 2024.
The 10 new companies nominated in the release are ASI Select Insures Corp., OVATION HOME INSURANCE EXCHANGE, CONDO owner. Resolution Exchange, Orion180 Select Insurance Company, Orion180 Insurance Company, MainSail Insurance Company is. , And Tailrow Insurance Exchange.
With the reform of 2022-23, new companies can enter the Florida insurance market under new laws that restrict the abilities of lawyers who collect large amounts of legal expenses, which are far exceeding the amount of dispute. It became. Under the old law, the insurance company had to pay all the legal expenses generated by the plaintiff if the insurance company agreed to resolve the dispute request rather than the first offer.
Mark Freedander, the director of the Institute of Corporate Communications at the Institute of Insurance, which is funded by the industry, has further confirmed that the Florida insurance market has recovered since 2022.
“We have a strong interest from existing real estate insurance companies and emerging companies who want to write home insurance in Florida,” said Freedander. “This is because the market has been significantly improved in the past year due to the artificial risk crisis of the law’s abuse and the artificial risk crisis of the assignment of benefits.
Ron Burtibise covers business and consumers’ businesses in Southern Floridasancentinel. He can call or email rhurtibise@sunsentinel.com by 954-356-4071.
Initially issued: January 27, 2025 3:51 pm
