Three new property and casualty (P&C) insurers have entered Florida’s market as it continues to recover following historic legislative reforms, the Florida Office of Insurance Regulation (OIR) has announced.
The additions of Builder Reciprocal Insurance Exchange, Frontline Insurance Reciprocal Exchange and Wingsail Insurance Company brings the total number of insurers entering the Florida market to 20 since the state implemented the reforms.
Together, these new market participants have injected more than $850 million in new capital to support additional growth in the state’s property market.
Florida domestic property companies reported an 83% pooled combined ratio as of year-end 2025, an impressive drop from 94% as of year-end 2024, 99% at year-end 2023, and further improving from 2022’s 109%, 2021’s 110% and 2020’s 116%.
Recent years’ optimal combined ratios signify insurers’ improved operating performance and a market showing measurable signs of rebound. Reinsurers are encouraged by Florida’s resurging market and continue to show growing interest in underwriting Florida exposures, the Florida OIR stated.
Between 2022 and late 2024, major national brands like Farmers Insurance, AAA, and Progressive either completely pulled out or severely restricted new policies in Florida’s property insurance market.
This retreat was driven by insurance-related lawsuits – often fuelled by scams and legal loopholes – as well as extreme weather, and rising reinsurance costs.
However, following aggressive legislative overhauls aimed at curbing predatory lawsuits and stabilising the market in Florida, insurers are now beginning to return to the state.
Chief Financial Officer Blaise Ingoglia commented: “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.”
Insurance Commissioner Mike Yaworsky said, “Florida is becoming more and more of an attractive place to deploy capital. 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.”
Texas-based Builder Reciprocal Insurance Exchange is now approved for Florida homeowners multiple-peril insurance, targeting newer communities with over $100 million in capital.
Frontline Insurance Reciprocal Exchange, located in Lake Mary, will offer fire, homeowners, and liability coverage across all the 67 Florida counties. The group also serves other coastal states.
Arizona-domiciled Wingsail Insurance Company, owned by Spinnaker Insurance Company, is also expanding into Florida’s homeowners multi-peril market, led by a team with decades of industry experience.
The number of condo association writers for wind-only policies is also growing since reforms, from one writer to five in Broward, Miami-Dade and Palm Beach counties alone.
Before reforms, Citizens Property Insurance Corp., the state-backed “insurer of last resort,” was primarily the only writer in some coastal counties. Now, there is more competition, with data showing the highest number of condo association writers in the last 15 years.
