Florida approves more property insurance companies, credits recent reforms

Amber Jo Cooper contributed to this report.

TALLAHASSEE, Fla. (FLV) – The Florida Office of Insurance Regulation announced the approval of two companies to serve as property and casualty insurers.

The office approved Orion180 Select Insurance Company and Orion180 Insurance Company, the agency announced in a press release.

They noted the latest approval marks the third and fourth insurance companies accepted since lawmakers passed, and Gov. Ron DeSantis signed, legislation aimed at stabilizing the property insurance market.

Florida approved Mainsail Insurance Company on Aug. 11 and Tailrow in April.

The Orion180 companies are based in Indiana. They applied to expand operations into Florida.

“OIR has been diligently working to attract more companies, jobs and capital to Florida’s insurance market since the passage of recent legislative reforms,” Florida Office of Insurance Regulation Commissioner Michael Yaworsky said.

“Today’s announcement is another sign that the reforms are having a positive impact on Florida’s insurance market,” he continued. “We look forward to continuing this momentum and giving consumers more options in the market for homeowners insurance.”  

The new approval comes shortly after Farmers Insurers announced plans to pull out of certain home policies in the Sunshine State, drawing ire from officials.

In contrast, State Farm shortly thereafter announced they would remain in the state.

Reforms signed by DeSantis earlier this year were argued by the administration to decrease frivolous lawsuits and prevent “predatory practices of trial attorneys that prey on hardworking Floridians.”

It modifies the bad faith framework, eliminates one way attorney’s fees and fee multipliers, and ensures that Floridians can’t be held liable for damages if the person suing is more at fault.

It also expanded immunity for property owners defending against a criminal who is injured on their property while providing uniform standards for juries in calculating medical damages and reducing the statute of limitations for general negligence cases from four years to two years.

“Florida has been considered a judicial hellhole for far too long and we are desperately in need of legal reform that brings us more in line with the rest of the country,” DeSantis said at the March bill-signing.

Senate President Kathleen Passidomo, R-Naples, praised the legislation aiming to tackle Florida’s insurance issues.

“This legislation further those efforts striking the right balance and protect the rights of Floridians who suffer a loss, while at the same time safeguarding everyone else against the hidden costs of prolonged litigation,” Passidomo said earlier this year.

Rep. Lori Berman, D-Boynton Beach, opposed the bill and previously said it’s a “gift to big businesses at the expense of our citizens and small businesses.”

“It’s a gift to negligent property owners, who will be able to shift blame to assailants to avoid compensating victims. […] This bill is a significant gift to big insurance companies,” Berman said.

DeSantis signed an earlier property insurance-related bill into law in December 2022.

The governor recently signed three additional bills into law in June that try to stabilize and bolster Florida’s property insurance market.