Florida Insurance Commissioner Mike Yaworsky announced the approval of two new property and casualty insurers for the state’s market: Stand Insurance Exchange and Praxis Reciprocal Exchange. These companies become the 16th and 17th insurers to enter Florida’s market since the state’s historic legislative reforms. Collectively, all companies entering since those reforms have brought more than $574 million in policyholder surplus to strengthen the property insurance market.
Highlights from State Leaders
Chief Financial Officer Blaise Ingoglia stated that the continued addition of insurers increases competition, which can help drive down insurance rates for homeowners. Commissioner Yaworsky emphasized that Florida’s legislative reforms have been key to this progress, noting that many insurers are now requesting either rate decreases or no increases.
Details on the New Insurers
- Stand Insurance Exchange – Based in Tallahassee, Stand is approved to write insurance for fire, homeowners multi-peril, allied lines, inland marine, and other liability. The company focuses on a mitigation-first, tech-forward approach, using science and technology to help homeowners protect their properties and reduce premiums.
- Praxis Reciprocal Exchange – Based in Tampa, Praxis is approved to write insurance for fire, allied lines, homeowners multi-peril, inland marine, other liability, and boiler and machinery. Its leadership team has more than 75 years of combined experience in Florida’s insurance market and a record of successfully launching new carriers.
Citizens Property Insurance and Market Trends
Both Stand and Praxis plan to assume 25,000 policies each from Citizens Property Insurance Corporation this December. Citizens’ policy count has declined to fewer than 780,000, down significantly from over 1.4 million in September 2023.
Since January 2024, 30 homeowners insurance companies have filed for rate decreases, and 45 companies have requested no change or a 0% increase. Florida Peninsula, one of the state’s largest insurers, recently requested its largest rate reduction to date—an average statewide decrease of 8.4% for homeowners and an average 12% decrease for condo owners.
Role of the Florida Office of Insurance Regulation
The Florida Office of Insurance Regulation (OIR) oversees insurance regulation, compliance, and market monitoring. The agency accepts applications year-round and aims to complete reviews within 60 days of submission. OIR provides resources and maintains a full list of newly approved insurers on its website.
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