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Florida’s insurance market continues to attract new players. Insurance Commissioner Mike Yaworsky announced May 20 that three additional property and casualty insurers have entered the state, bringing the total number of new market entrants to 20 since the state enacted its historic legislative reforms.

Together, the 20 new companies have brought more than $850 million in new capital to Florida’s property market.

The Three New Companies

Builder Reciprocal Insurance Exchange, based in Texas, is approved to write homeowners multi-peril insurance. The company focuses on new or newer home communities and contributes more than $100 million in capital to the state.

Frontline Insurance Reciprocal Exchange, based in Lake Mary, Fla., is approved to write fire, allied lines, homeowners multi-peril, inland marine, boiler and machinery, and other liability coverage. The Frontline group provides coastal coverage across Florida, Alabama, Georgia, North Carolina, and South Carolina, and will serve all 67 of Florida’s counties.

Wingsail Insurance Company, domiciled in Arizona, is expanding homeowners multi-peril coverage into Florida. The company is owned by Spinnaker Insurance Company.

Combined Ratios Show Market Improvement

Florida domestic property companies reported an 83% pooled combined ratio at year-end 2025. That figure marks a steady decline from 94% in 2024, 99% in 2023, 109% in 2022, 110% in 2021, and 116% in 2020. A combined ratio below 100% indicates an insurer is earning more in premiums than it pays in claims and expenses. Reinsurers have also shown growing interest in underwriting Florida exposures.

Condo Market Gains Competition

The condo association insurance market has also expanded. Before reforms, Citizens Property Insurance was the primary writer of wind-only condo policies in several coastal counties. Now, five writers serve Broward, Miami-Dade, and Palm Beach counties for wind-only condo association policies, the highest number in 15 years.

Rate Trends Move Lower

Since reforms, the Office of Insurance Regulation (OIR) has received more than 190 residential filing requests for rate decreases or 0% increases. The 30-day average rate change request for homeowners insurance is currently -1.2%, compared to -0.3% one year ago. The 180-day average is -2.9%, compared to +0.7% one year ago. Three years ago, the 180-day average stood at +6.6%.

Market Open to New Applicants

OIR accepts company admission applications on a rolling basis and aims to complete the review of all submissions within 60 days. A full list of new market entrants is available on OIR’s website.

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