The Florida Office of Insurance Regulation published a bulletin announcing that P&C insurer Mangrove Property Insurance Company has been approved to enter the Florida insurance market and will offer coverage in all 67 counties.
This comes following legislative reforms, which have led to over 10 insurers entering the Florida market. Those companies combined to bring in more than $297 million in policyholder surplus. The companies are the newly approved Mangrove Property Insurance Company, joining ASI Select Insurance Corp., Trident Reciprocal Exchange, Ovation Home Insurance Exchange, Manatee Insurance Exchange, Condo Owners Reciprocal Exchange, Orange Insurance Exchange, Orion180 Select Insurance Company, Orion180 Insurance Company, Mainsail Insurance Company, and Tailrow Insurance Exchange.
OIR has aimed to stabilize the market and has seen positive indications. Of the top 10 carriers in Florida, 60% expanded their book of business, and 40% filed rate decreases. OIR’s plan to depopulate the state’s FAIR plan has also progressed, as their policy count dropped to under one million for the first time in two years. In 2024, 18 companies were approved to assume over 1.2 million policies from the FAIR plan.
OIR is encouraging more companies to apply for authorization to sell insurance in Florida and aims to complete the review process within 60 days. More information can be found on OIR’s company admissions page.
Ray Sugrim
Ray Sugrim is an Insurance Editor with FC&S Expert Coverage Interpretation, a division of National Underwriter Company and Arc Network. Ray is responsible for helping develop and edit content for subscribers. Ray is a St John’s University graduate with a degree in Risk Management & Insurance and is a CPCU candidate.