Two new insurers join Florida’s growing insurance market

Two new property and casualty insurance companies have been approved to do business in Florida, Insurance Commissioner Mike Yaworsky announced Thursday. The firms are Stand Insurance Exchange, based in Tallahassee, and Praxis Reciprocal Exchange, based in Tampa. 

The two new companies bring the total to 17 new insurers to enter the market since the state passed legislative reforms aimed at stabilizing the market, Yaworsky says in a statement from the Florida Office of Insurance Regulation. Together, all new insurance companies to enter the market under recent legislative reforms bring more than $574 million in policyholder surplus to support additional growth in the state’s property market, the release says. 

“Once again, I am thrilled to announce more new property and casualty insurers approved to do business in our state,” Yaworsky says in the statement. “We would not be where we are today if it was not for our historic legislative reforms. Our state’s insurance market is thriving—with 17 new companies since reforms and sustained rate requests from dozens of companies for rate decreases or 0% increases.”