Florida adds two more insurers

Florida Insurance Commissioner Mike Yaworsky announced that Incline National Insurance Company and Florida Insurance and Reinsurance Company have been approved to write residential policies in the state, bringing the total number of new entrants since recent legislative reforms to 14.

Incline, based in Texas, is authorized to offer a range of coverages, including homeowners’ multi-peril and auto, with plans to write policies statewide. Florida Insurance and Reinsurance Company, domiciled in Florida, will focus on condos and small office buildings, with a specialty in reinsurance solutions.

Florida’s domestic property insurers posted $944 million in net income for 2024, a sharp turnaround from the $741 million net loss in 2022. The state also saw 27 companies file for rate decreases and 41 request no change in rates this year, contributing to an average homeowners rate increase of just 1% in 2024—the lowest in the nation.

Regulators also guided the successful reentry of Anchor Property and Casualty into the market under its new name, Patriot Select Insurance Company, which aims to service 40,000 policies by year-end.

“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.” – Commissioner Mike Yaworsky.