Progressive reassures commitment to Florida property insurance market, praises new laws

Eric Daugherty contributed to this report.

TALLAHASSEE, Fla. – Progressive announced a partnership with Loggerhead Insurance to shift some property insurance policies across Florida this week, reassuring they are not leaving the market.

A Progressive spokesperson told Florida’s Voice the company has no plans to leave the state and Florida remains “an important part of our Progressive Home business.”

Florida’s Voice learned that Progressive is announcing a two-year proposal to transition 115,000 policies, 45% of which are non-homeowner policies, to Loggerhead Insurance through a competitive renewal offer.

The company has been working with state officials and the Florida Office of Insurance Regulation to “implement changes that allow us to rebalance our exposure while continuing to serve Florida homeowners.”

The company praised Florida officials for new laws aimed to stabilize the market.

Gov. Ron 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.

“While we know these changes are not welcome news for those that are directly affected, we’re encouraged by and grateful for the work of Florida state officials who recently helped enact needed legislative reforms that are stabilizing the insurance business environment and encouraging new carriers to enter the market,” the spokesperson said.

Loggerhead Insurance is a Florida homeowners reciprocal headquartered in Tampa.

“The actions we’re taking are necessary to ensure that we can continue to write business in Florida in a meaningful way—and we expect these actions will better position us to build a stronger, more stable, and more competitive Progressive Home business for consumers and independent agents in the long run,” the spokesperson said.

Progressive continues to write new business in Florida. The changes will not go into effect until next year.

The move from Progressive comes after Florida approved additional property insurance companies this year, also crediting novel reforms.

The state recently approved Orion180 Select Insurance Company and Orion180 Insurance Company.

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