Insurance Commissioner Mike Yaworsky Announces Additional Growth to Florida's Insurance Market

TALLAHASSEE, Fla.—Insurance Commissioner Mike Yaworsky today is announcing additional growth in Florida’s insurance market with two new companies approved to write residential policies. Since historic legislative reforms, Florida’s market continues to stabilize and now has 14 new companies doing business in the state. Florida domestic property companies reported $944 million in net income as of year-end 2024—up from $292 million at year-end 2023 and reversing 2022’s $741 million net loss. 

Commissioner Mike Yaworsky said, “I am pleased to announce two additional property and casualty companies doing business in our state with more companies to be announced in the near future. Our market is becoming more and more competitive, and we continue to see great progress in rate requests with over 120 residential filing requests for rate decreases or 0% increases so far this year.” 

Incline National Insurance Company is headquartered in Texas and is now approved to write insurance in Florida for allied lines, homeowners’ multi-peril, inland marine, workers’ compensation and private passenger auto. The company has over 75 years of leadership experience with an A rating and stable outlook by A.M. best. Incline intends to offer policies statewide.   

Florida Insurance and Reinsurance Company is domiciled in Florida and will primarily focus on writing coverage for condominiums and condominium associations. The company also plans to provide property coverage for smaller, multi-tenant office buildings. The company specializes in reinsurance brokerage and plans to offer reinsurance products designed to provide exposure management support, enhance underwriting capacity, and optimize capital efficiency.

Past legislative reforms have been critical to the growth and stabilization of our current market. Homeowners insurance costs fell 0.9% in the fourth quarter of 2024. Since January 2024, 27 companies have filed for a rate decrease and 41 companies have requested no change or 0% increase. According to three recent publications (S&P Global, Insurance Information Institute and Lending Tree), Florida had the lowest average homeowners rate increase in the nation in 2024, with an average statewide increase of only 1%.

 In another sign of the market’s progress, regulators successfully navigated the runoff of Anchor Property and Casualty Insurance Company, based in St. Petersburg. Through administrative supervision, the insurer reentered the market as Patriot Select Insurance Company. The newly relaunched company plans to grow, with a goal of servicing nearly 40,000 policies by the end of the year.

OIR encourages companies to learn how to become authorized to sell insurance in Florida. Applications are accepted on a rolling basis, and OIR strives to conclude the review process of all complete applications within 60 days of submission. More information is available on OIR’s company admissions page. A full list of new entities approved to enter the Florida insurance market is available on OIR’s website here.