The Florida Office of Insurance Regulation published a news release announcing the approval of Apex Star to join the insurance market. It is the 12th P&C insurer to enter the market since the enactment of legislative reforms.

Apex Star will provide fire, allied lines, homeowners multi-peril, commercial multi-peril, inland marine, and other liability coverage throughout the state. Apex and the 11 other new insurers combine to total more than $418 million in policyholder surplus in the state.

Florida’s insurance market has stabilized and shown signs of improvement following the reforms. In an S&P Global report, Florida had the lowest average homeowners rate increase out of all of the states, with an increase of 1%. In the fourth quarter of 2024, homeowners insurance costs fell by 0.7%.