Florida’s insurance market is continuing its shift away from the state-backed insurer of last resort, as regulators greenlight new policy transfers from Citizens Property Insurance Corp. to private companies.
Florida Insurance Commissioner Michael Yaworsky signed orders authorizing Mangrove Property Insurance Co., Patriot Select Property and Casualty Insurance Co., and Slide Insurance Co. to collectively assume up to 135,540 policies from Citizens in June. This move is part of the state’s ongoing “depopulation” initiative, aimed at reducing Citizens’ policy count and encouraging greater participation from private insurers.
Citizens, which became the largest property insurer in Florida with 1.4 million policies in 2023, has been working to reduce its exposure. As of last week, the insurer’s policy count had been reduced to approximately 851,000, according to state figures.
Mangrove, which received approval to enter Florida’s market in January, is set to assume up to 81,040 policies. Patriot Select is authorized to take on as many as 39,500 policies, while Slide Insurance Co. has been cleared to absorb 15,000.
Yaworsky has described these developments as signs of “a recovery, stabilization taking place” in the state’s insurance landscape.
Slide Insurance Co. is one example of a company experiencing growth through depopulation. The company expanded its residential policies from 209,799 at the end of 2023 to over 341,000 by the close of 2024. American Integrity Insurance Co. has also seen significant growth in its policy count through the program.
Even new entrants are taking advantage of the opportunity. Mangrove has already been approved to take another batch of 81,040 Citizens policies in April.
However, not all companies are participating. State Farm Florida Insurance Co. has remained on the sidelines, with its policy count remaining virtually unchanged at about 647,000.
While the transfer of policies to private insurers helps to reduce Citizens’ exposure to potential losses, it can also lead to increased costs for consumers. Citizens policyholders are required to accept coverage offers from private carriers if the premium is no more than 20% higher than their current Citizens rate. This can result in higher premiums, even as Citizens continues to raise rates.
Citizens had nearly 943,000 policies in force as of February. The insurer plans to implement average premium increases of 8% across its personal residential policies beginning June 1, with some segments facing steeper hikes. Despite Governor Ron DeSantis’ recent remarks about potential premium decreases, regulatory filings show that approximately 80% of Citizens customers will face rate increases this year.
Recent policy assumptions by other companies illustrate the private market’s re-engagement. Tailrow Reciprocal Exchange, backed by HCI Group, assumed nearly 14,000 policies from Citizens in February. HCI CEO Paresh Patel credited the firm’s technology and expertise for “achieving a high adoption rate.”
Florida regulators and insurers are hopeful that as more companies leverage depopulation and market reforms take effect, long-term stability will return to the state’s property insurance market. But balancing affordability for consumers remains an ongoing challenge.
About the New Insurers
- Mangrove Property Insurance Company: A newly established Florida-based insurer, approved in January 2025. The company is led by Harvard-educated CEO Stephen Weinstein, who has held senior roles at reinsurance firms and serves on industry boards.
- Slide Insurance Company: Founded in 2021 by CEO Bruce Lucas, Slide is a technology-driven insurance provider based in Tampa, specializing in homeowners and property insurance in Florida and South Carolina. The company has acquired policies from insolvent insurers and secured renewal rights to thousands of Farmers Insurance policies after the company withdrew from the Florida market.
- Patriot Select Property and Casualty Insurance Company: Also based in Florida and headquartered in St. Petersburg, Patriot Select specializes in homeowners insurance. The company is led by CEO John W. Rollins and COO Kelly Booten.
