The Florida Office of Insurance Regulation (OIR) announced that three new property and casualty (P&C) insurance companies have entered the Florida market as the state continues to recover following historic legislative reforms.
The additions of Builder Reciprocal Insurance Exchange, Frontline Insurance Reciprocal Exchange and Wingsail Insurance Company bring the total number of insurance companies entering the Florida market to 20 since the state implemented reforms.
Together, these new market players have injected more than $850 million in new capital to support further growth in the state’s real estate market.
Florida Domestic Real Estate’s combined combined ratio was 83% at the end of 2025, down significantly from 94% at the end of 2024, 99% at the end of 2023, and further improved from 109% in 2022, 110% in 2021 and 116% in 2020.
The best combined ratios in recent years mark an improvement in insurers’ operating performance and clear signs of a rebound in the market. Florida OIR said reinsurers are encouraged by the recovery in the Florida market and continue to show increasing interest in underwriting Florida risks.
Between 2022 and the end of 2024, major national brands such as Farmers Insurance, AAA and Progressive will either exit entirely or severely limit new policies in the Florida property insurance market.
This retreat has been driven by insurance-related litigation, often fueled by scams and legal loopholes, as well as extreme weather and rising reinsurance costs.
However, following aggressive legislative reforms in Florida aimed at curbing predatory litigation and stabilizing the market, insurance companies are now beginning to return to the state.
Chief Financial Officer Blaise Ingoglia commented, “Insurers continue to enter the Florida market as our historic tort reform paves the way for a stronger market for homeowners. Competition is the best way to ensure Floridians have access to the best coverage at the best price, and I look forward to more announcements like these in the future.”
Insurance Commissioner Mike Yaworsky said, “Florida is becoming an increasingly attractive place to allocate capital. I am proud to announce that since the historic legislative changes were implemented, there are now 20 new companies in our market writing property insurance. Competition is increasing, and the Office of Insurance Regulation encourages consumers to shop around and examine each new company.”
Texas-based Builder Reciprocal Insurance Exchange is now approved to offer multi-risk insurance to Florida homeowners, targeting newer communities with capital in excess of $100 million.
Frontline Insurance Reciprocal Exchange, located in Lake Mary, will provide fire, homeowners and liability insurance in all 67 Florida counties. The group also provides services to other coastal countries.
Arizona-registered Wingsail Insurance Company, part of Spinnaker Insurance Company, is also expanding into Florida’s homeowners multi-risk market, led by a team with decades of industry experience.
The number of condo association writers on wind-only policies has also increased since the reform, going from one to five in Broward, Miami-Dade and Palm Beach counties alone.
Before the reform, the state-backed “insurer of last resort” Citizens Property & Casualty Insurance Company was primarily the sole insurer in some coastal counties. Now, competition is fiercer, and data shows the number of condo association writers is at its highest level in the past 15 years.