Reinsurance News

OIR approves Tailrow’s application to form as authorised domestic insurer

18th April 2023 - Author: Kane Wells

The Florida Office of Insurance Regulation (OIR) has approved the application of HCI Group’s Tailrow Insurance Company for the issuance of a permit to become an authorised domestic insurer and write homeowners multi-peril line of insurance in the state.

This announcement marks Tailrow as the first company to be approved as an authorised property and casualty domestic insurer following the recent legislative reforms addressing challenges in Florida’s property and casualty insurance market.

Insurance Commissioner Michael Yaworsky commented, “OIR’s greatest priority is to promote a stable and competitive insurance market for consumers.

“Today’s announcement is great news for Florida policyholders who will benefit from having additional options when shopping for homeowners insurance.

“As we begin to see the impacts from recently passed legislation, OIR will continue to use all available resources to attract more insurance-related companies, jobs and capital to the Florida insurance market.”

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Final approval and issuance of Tailrow’s Certificate of Authority is contingent upon the company following all provisions in the agreement with OIR.

HCI Group first announced its intention to establish Tailrow as a Florida domestic homeowners insurer earlier this month.

The group already owns Florida licensed insurer Homeowners Choice, insurtech property and flood insurance specialist TypTap, and reinsurance-focused unit Claddaugh.

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