The Department of Insurance Regulation has been approved by two more real estate insurers to serve Florida’s bewildered homeowners market.
The office on Friday said the two new companies in the news release were primarily covered by insurance commissioner Mike Yaworski, a company controlled by Texas-based national insurance company and Florida-based insurance and reinsurance company Florida.
As more companies are announced in the “near future,” Yaworsky was quoted in the release.
Since lawmakers enacted reforms in 2022 and 2023, the two new airlines have entered the Florida market on the 13th and 14th. This reduces the financial incentives of policyholders, repair contractors, roofing companies and plaintiffs’ lawyers, and file what the insurer claims is “frivolous litigation.”
Others include Apex Star Rissicrocal Exchange, Mangrove Property Insurance Company, ASI Select Insurance Corp., Trident Resisrocal Exchange, Ovation Home Insurance Exchange, Manatee Insurance Exchange, Condo Owners Respocal Exchange, Orange Insurance Exchange, Orion180 Select Insurance Company, Orion180 Insurance Company, Mainsail Insurance Company, Tailrow Insurance Exchange
Even new companies formed by existing insurers start with clean slates that are not burdened with claims or litigation that precede reforms. Many new companies have built their first business books by participating in the process of state-run civil property insurance companies, as there is no initial acquisition costs.
As of Sunday, the database of depopulation approvals on the office website does not include any of the new companies announced on Friday.
Intine National is authorized to write news in Florida for homeowners Multiperil, Alliedline, Inline Marines, Worker Compensation and civilian passenger cars. The company has been in business for more than 75 years and is planning to provide policy across the state, the release said.
According to the release, Florida insurance and reinsurance plans and reinsurance plans will provide coverage for smaller, multi-tenant office buildings. With insurance that reinsurance experts or insurers must purchase, the company will provide exposure management support, provide reinsurance products designed to increase underwriting capabilities and optimize capital efficiency, the release added.
The news release also includes some statistics pointing to fee stabilization and return to profitability across the Florida industry.
The state-established and headquartered company reported net profit of $944 million from $292 million in 2023 in 2024 and $741 million in 2022, the release said.
Since January 2024, 27 companies have applied for a rate reduction, and 41 have requested an unchanged or 0% increase, according to the release. Many states across the country have experienced similar rate increases in recent years as those relying on Florida homeowners, but Florida led the country with a national lowest increase of just 1% in 2024, S&P Global reported.
The news release invited more businesses to apply to sell insurance in the state.
“The application is accepted on a rolling basis and (the Insurance and Regulation Authority) strives to close the review process for all full applications within 60 days of submission,” it said.
According to the office’s website, companies could be approved by insurers by raising between $2.5 million and $5 million.
Ron Burtibise covers South Florida Sun Sentinel’s business and consumer issues. He can be contacted by telephone at 954-356-4071 or by email at rhurtibise@sunsentinel.com.
Original issue: June 29, 2025, 12:54pm EDT
