The Florida Office of Insurance Regulation (OIR) has approved eight more property and casualty insurers to enter the state’s market.
Ovation Home Insurance Exchange is the most recent company to be approved, followed by Manatee Insurance Exchange, Condo Owners Reciprocal Exchange and Orange Insurance Exchange.
The list also includes Orion180 Select Insurance Company, Orion180 Insurance Company, Mainsail Insurance Company and Tailrow Insurance Companies.
Insurance commissioner Michael Yaworsky says: "Florida's insurance market continues to strengthen, showing signs recent legislation is having positive impacts to the property insurance market.
"OIR remains steadfast in our efforts to stabilise Florida's insurance market by implementing legislative reforms and recruiting more insurers to the state. We look forward to continuing this work and promoting a competitive market for policyholders."
Previously, OIR approved the acquisition of Trusted Resource Underwriters Exchange, a Florida domestic property and casualty reciprocal insurer, to allow the existing company to expand its state presence and underwriting capacity.
As a result, more than US$1.25 billion of capital is being invested in Florida’s property and casualty insurance market.
