By Michael Loney

April 8 - (The Insurer) - The Florida Office of Insurance Regulation has approved Apex Star Reciprocal Exchange as the 12th insurer to enter the state since legislative reforms passed in 2022 and 2023.

New Port Richey-based Apex Star will provide fire, allied lines, homeowners multiperil, commercial multiperil, inland marine and other liability coverage in the state.

The 12 property casualty insurers to enter the market since Florida’s historic reforms have more than $418 million in policyholder surplus to support additional growth in the state’s property market.

“The continued growth in Florida’s insurance market is due in large part to the historic legislative reforms we have enacted,” said Florida Insurance Commissioner Mike Yaworsky. “We must continue on this path and not turn the clock backwards.”

FLOIR said that homeowners insurance costs fell 0.7% in the fourth quarter of 2024 and that it has received nearly 100 residential filing requests for rate decreases or 0% increases.

Since January 2024, 19 companies have filed for a rate decrease and 37 companies have requested no change or a 0% increase.

Apex Star has been set up by StarLight Insurance Group. The Insurer reported in July last year that Apex Star was one of two reciprocals being brought to market by David Nichols-led StarLight, with the other the Mississippi-based Star Vantage Reciprocal Exchange.

When FLOIR announced Mangrove Property Insurance Company as the previous newest carrier in January it said the 11 companies approved at that point had more than $297 million in policyholder surplus.

The others new Florida insurers approved since the reforms are ASI Select Insurance, Trident Reciprocal Exchange, Ovation Home Insurance Exchange, Manatee Insurance Exchange, Condo Owners Reciprocal Exchange, Orange Insurance Exchange, Orion180 Select Insurance Company, Orion180 Insurance Company, Mainsail Insurance Company and Tailrow Insurance Exchange.