Insurance Commissioner Mike Yaworsky announces continued expansion of Florida’s property and casualty market with 20 new insurers entering since major legislative reforms

Tallahassee, Florida – Florida’s property insurance market is continuing to expand at a steady pace following a series of legislative reforms that state officials say are reshaping competition, capital flow, and consumer choice across the industry. On Tuesday, Insurance Commissioner Mike Yaworsky announced the entry of three new property and casualty insurers, bringing the total number of new companies joining the market since the reforms to 20.

The announcement marks another milestone for state regulators who have been closely tracking the effects of recent policy changes aimed at stabilizing one of Florida’s most closely watched insurance sectors. According to the Office of Insurance Regulation, the influx of new carriers has already contributed more than $850 million in new capital into the state’s property insurance market, signaling growing confidence among insurers and reinsurers.

The three newest companies—Builder Reciprocal Insurance Exchange, Frontline Insurance Reciprocal Exchange, and Wingsail Insurance Company—are now authorized to begin operations in Florida, each bringing distinct coverage strategies and regional experience into the marketplace.

Officials say the growing number of entrants reflects a broader shift in sentiment within the insurance industry, with Florida increasingly viewed as a more attractive environment for underwriting risk. State leaders attribute this trend to legislative reforms designed to address long-standing challenges in litigation costs, claims handling, and market stability.

“Florida is becoming more and more of an attractive place to deploy capital,” Insurance Commissioner Mike Yaworsky said. “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.”

The expansion of carriers has been accompanied by measurable shifts in market performance indicators. State data shows that Florida domestic property companies reported an 83% pooled combined ratio at the end of 2025. That figure reflects a significant improvement over prior years, including 94% in 2024, 99% in 2023, 109% in 2022, 110% in 2021, and 116% in 2020.

Insurance analysts often view the combined ratio as a key measure of profitability and operational health. A downward trend suggests insurers are paying out less in claims relative to premiums collected, indicating improved financial stability across the sector. State officials say the recent figures point to a market that is steadily regaining balance after several years of volatility.

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Florida Chief Financial Officer Blaise Ingoglia said the improvements are directly tied to policy changes designed to strengthen competition and reduce legal pressures on insurers.

“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.”

The three newly approved insurers each bring different business models and geographic strengths into Florida’s insurance landscape.

Builder Reciprocal Insurance Exchange, based in Texas, has been approved to write homeowners multi-peril insurance and will focus primarily on new and recently constructed housing communities. The company is expected to bring more than $100 million in capital into the state, adding additional financial depth to Florida’s property insurance pool.

Frontline Insurance Reciprocal Exchange, headquartered in Lake Mary, Florida, will offer a wide range of coverage options including fire, allied lines, homeowners multi-peril, inland marine, boiler and machinery, and other liability products. The company also operates across multiple southeastern states, including Alabama, Georgia, North Carolina, and South Carolina. In Florida, it is authorized to provide coverage across all 67 counties, giving it one of the broadest service footprints among new entrants.

Wingsail Insurance Company, domiciled in Arizona and owned by Spinnaker Insurance Company, is also expanding into Florida’s homeowners insurance market. State officials noted that Wingsail’s leadership team brings decades of industry experience, positioning the company to operate in both competitive and high-risk environments.

Beyond new company entries, regulators say Florida’s insurance market is also showing signs of improvement in specialized sectors, particularly condo association insurance. In coastal counties such as Broward, Miami-Dade, and Palm Beach, the number of insurers writing wind-only policies has increased significantly.

Before recent reforms, Citizens Property Insurance Corporation often served as the primary provider in many of these areas. Now, officials say, competition has expanded to include multiple private carriers, marking the highest number of condo association writers in 15 years.

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This diversification is seen as an important development for property owners and condominium associations, many of whom have faced limited options in previous years. Increased participation by private insurers is expected to help spread risk more evenly and potentially improve pricing stability over time.

State regulators also point to broader indicators suggesting that the market is moving toward a more sustainable footing. Since reforms were implemented, the Office of Insurance Regulation has received more than 190 residential filings requesting rate decreases or flat pricing with 0% increases.

Recent trends in rate requests show continued downward pressure on premiums. The 30-day average request for homeowners insurance rates currently stands at -1.2%, compared to -0.3% one year ago. Over a longer 180-day period, the average request is -2.9%, a notable shift from +0.7% recorded one year earlier. Three years ago, the 180-day average stood at +6.6%, underscoring how significantly market dynamics have changed in a relatively short period.

Officials say these figures suggest increasing stability and improved competition among insurers, though they caution that Florida’s exposure to hurricanes and other weather-related risks continues to make the market one of the most complex in the country.

Still, reinsurers—companies that provide backup coverage to primary insurers—are reportedly showing renewed interest in Florida exposures, a sign that international capital markets are responding positively to recent reforms.

The Office of Insurance Regulation says it continues to encourage new companies to enter the market, noting that applications are accepted on a rolling basis and are typically reviewed within 60 days once complete. Regulators also maintain a publicly available list of newly approved insurers to help consumers and industry stakeholders track ongoing market changes.

As Florida continues to rebuild and reshape its insurance landscape, state leaders say the combination of new entrants, increasing capital investment, and improved financial indicators reflects a market moving toward greater stability. While challenges remain, officials argue that the direction is clear: more competition, more capacity, and more options for homeowners across the state.