By Mia MacGregor

June 27 - (The Insurer) - Florida Insurance Commissioner Mike Yaworsky has announced the approval of two new companies to write residential policies in the state, bringing the total to 14 new companies approved by the Office of Insurance Regulation (OIR) since historic legislative reforms.

Incline National Insurance Company, based in Texas, is now authorized to write various lines of insurance in Florida, including allied lines, homeowners’ multi-peril, inland marine, workers’ compensation, and private passenger auto.

The company holds an A rating with a stable outlook from A.M. Best and intends to offer policies statewide.

Florida Insurance and Reinsurance Company, part of the MNK Group, will provide coverage for condominiums and small multi-tenant office buildings, and plans to offer reinsurance products to enhance underwriting capacity and optimize capital efficiency.

The Florida OIR reported that Florida domestic property companies achieved $944 million in net income by the end of 2024, a significant increase from $292 million at the end of 2023, reversing a $741 million net loss in 2022.

Additionally, homeowners insurance costs fell by 0.9% in the fourth quarter of 2024. Since January 2024, 27 companies have filed for a rate decrease and 41 companies have requested no change or a 0% increase.

The Florida OIR cited recent findings from S&P Global, the Insurance Information Institute, and Lending Tree, noting that Florida had the lowest average homeowners rate increase in the nation in 2024, with an average statewide increase of 1%.

“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,” said Commissioner Yaworsky.

Adam Shores, senior vice president of state government relations at the American Property Casualty Insurance Association (APCIA), commented, “More companies entering the Florida market is a surefire sign that the legislative reforms to address legal system abuse are working.”

“As competition in the marketplace increases, rates are stabilizing and even decreasing for some consumers. Florida is doing something right and other states are taking notice,” he added.

In April, the Florida OIR approved Apex Star Reciprocal Exchange as the 12th insurer to enter the state since legislative reforms passed in 2022 and 2023. This followed the approval of Mangrove Property Insurance Company in January.

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.