Insurance Commissioner Mike Yaworsky Announces Two New Property Insurers for Florida's Market
TALLAHASSEE, Fla.—Insurance Commissioner Mike Yaworsky today is announcing two new additional property and casualty insurers for Florida. The new companies, Stand Insurance Exchange and Praxis Reciprocal Exchange, mark the 16th and 17th insurers to enter the market since Florida’s historic legislative reforms. All new companies since the legislative reforms bring in more than $574 million in policyholder surplus to support additional growth in the state’s property market.
Chief Financial Officer Blaise Ingoglia said, “Florida’s insurance market continues to strengthen. When new companies enter the insurance market, they create more competition in the marketplace for the business of Florida homeowners and, therefore, help to drive down insurance rates. I am proud to see the list of companies doing business in Florida continue to grow.”
Commissioner Mike Yaworsky said, “Once again, I am thrilled to announce more new property and casualty insurers approved to do business in our state. We would not be where we are today if it was not for our historic legislative reforms. Our state’s insurance market is thriving—with 17 new companies since reforms and sustained rate requests from dozens of companies for rate decreases or 0% increases.”
Stand Insurance Exchange is based out of Tallahassee and is now approved to write insurance in Florida for fire, homeowners multi-peril, allied lines, inland marine, and other liability. The company strives to be a mitigation-first, tech-forward insurer. Stand combines decades of industry expertise with cutting-edge science and technology to help Floridians both protect their homes and lower their premiums.
Praxis Reciprocal Exchange is based out of Tampa and is now approved to write insurance in Florida for fire, allied lines, homeowners multi-peril, inland marine, other liability, and boiler and machinery. The company’s senior leadership has over 75 years of combined experience in the Florida insurance market and have successfully launched new carriers previously.
Also, thanks to market reforms, Citizens Property Insurance Corporation continues to effectively depopulate with now less than 780,000 policies in force. This is a significant decrease from the more than 1.4 million policies in September 2023. Both Stand and Praxis plan to take out 25,000 Citizen policies each this December.
Florida’s insurance market is healthy and continues to grow. Since January 2024, 30 homeowners companies have filed for a rate decrease and 45 companies have requested no change or a 0% increase. Florida Peninsula, one of the largest insurers in the state, recently requested its largest rate decrease in the company’s history for a statewide average decrease of 8.4% for homeowner’s premiums, including an average 12% decrease for condo owners.
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.
About the OIR
The Florida Office of Insurance Regulation (OIR) has primary responsibility for regulation, compliance, and enforcement of statutes related to the business of insurance and the monitoring of industry markets. For more information about OIR, please visit our website or follow us on X @FLOIR_comm.
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