Eight new property, casualty insurance providers enter Florida markets following legislative reform

TALLAHASSEE, Fla. – Florida’s Office of Insurance Regulation announced on Thursday that a total of eight new property and casualty insurance providers have entered the state’s insurance markets, following legislative reform.

The companies include Ovation Insurance Exchange, Manatee Insurance Exchange, Condo Owners Reciprocal Exchange, Orange Insurance Exchange, Orion180 Select Insurance Company, Mainsail Insurance Company and Tailrow Insurance Companies.

“Florida’s insurance market continues to strengthen, showing signs recent legislation is having positive impacts to the property insurance market,” OIR Commissioner Michael Yaworsky said.

“OIR remains steadfast in our efforts to stabilize 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,” he added.

Thanks to additional reforms, the office announced more than $1.25 billion of capital is being invested into Florida’s property and casualty insurance market.

The state’s property insurance crisis has resulted in many efforts by lawmakers to lower premiums and ultimately make it more affordable to live in Florida.

Following the 2023 Legislative Session, Gov. Ron DeSantis signed multiple bills expanding the state’s home hardening and hazard mitigation programs and further protecting consumers against bad actors.

He also announced the approval of an additional $100 million in the 2023–2024 General Appropriations Act for the My Safe Florida Home Program.

Although the governor has not yet signed the latest fiscal budget passed by the legislature, it does include $500 million for property insurance tax relief.