Florida’s Insurance Market Sees New Entrants
Florida’s insurance landscape continues to evolve with the recent approval of two new insurance carriers, bringing the total number of new entrants since 2022 to 16. This development is part of broader efforts to stabilize the state’s property insurance market and reduce reliance on Citizens Property Insurance Corp., the state-run insurer of last resort.
New Carriers Approved
The Florida Office of Insurance Regulation (OIR) has given the green light to Incline National Insurance Co., a Texas-based fronting carrier, and Florida Insurance and Reinsurance Co. (Florida Re), a subsidiary of MNK Group. Incline National has been approved to write multiple lines of business, including homeowners multiperil, workers’ compensation, and private passenger automobile insurance. The company, part of Incline Insurance Group, plans to offer coverage statewide.
Incline Insurance Group reported a net income of $15.3 million in the previous year, up from $4.4 million in 2023. While its annual net premiums written decreased to $105.7 million from $176.1 million, the group’s combined ratio improved to 91.7 from 93.6 in 2023. AM Best noted that despite being a relatively new company, Incline has a management team with over 75 years of combined experience in program carrier management.
Florida Re, on the other hand, is launching a commercial property program targeting residential condominiums and homeowner associations. The program focuses on properties with strong secondary wind mitigation features, such as updated roofing systems and hurricane straps. The company will also offer property coverage for smaller, multi-tenant office buildings.
Market Impact
The addition of these new carriers is part of a larger trend. Since 2022, regulatory reforms have been implemented to stabilize Florida’s property insurance market. As a result, 14 new property and casualty insurers have been approved to enter the market. Citizens Property Insurance Corp. has seen its policy count drop significantly in high-exposure areas, with a 30% decline in the Tampa Bay region. Approximately 90,000 policies have been transferred from Citizens to private carriers over the past year.
The OIR attributes the increased interest from insurers to recent legislative reforms, which have helped stabilize the market and provided clearer guidelines for claims handling, litigation, and reinsurance financing. Data from the first half of 2025 shows a shift in pricing trends, with over 120 rate filings seeking either rate reductions or no increase.
These developments indicate a positive trajectory for Florida’s insurance market, with increased competition and a reduced burden on the state-run insurer of last resort.
