Chief Financial Officer Blaise Ingoglia and Insurance Commissioner Mike Yaworsky have announced that Florida has secured another property and casualty insurer. The new company, Viceroy Preferred Insurance Company, marks the 15th insurer to enter the market since Florida’s historic legislative reforms. Viceroy is domiciled in Florida and has now been approved to write insurance in the state for homeowners’ multi-peril and dwelling fires.
Chief Financial Officer Blaise Ingoglia said, “Florida’s insurance market continues to strengthen and improve because of the legislative reforms we have put in place. Floridians now have more choices for their insurance carriers. More options allow competition in the marketplace and help to drive costs down. As your Chief Financial Officer, I will continue to work to bring even more insurance companies to Florida while holding them accountable to the policyholders they serve.”
Commissioner Mike Yaworsky said, “Competition in Florida’s property insurance market is booming, and I am thrilled to announce a new Florida-domiciled insurance company approved to write business in our state — Viceroy Preferred Insurance Company. We have now approved 15 companies to enter the market since our historic legislative reforms, and I do not see any signs of competition slowing down.”
The company and its affiliates have senior leadership with over 100 years of experience in the Florida market. The company plans to offer products focused on high-value homes, with an initial geographic emphasis on the East Coast of Florida.
Florida’s insurance market is experiencing growth and stability. Since January 2024, 29 homeowner companies have filed for a rate decrease, and 44 companies have requested no change or a 0% increase. According to three publications (S&P Global, Insurance Information Institute, and Lending Tree), Florida had the lowest average homeowners rate increase in the nation in 2024, with an average statewide increase of only 1%.
For highlights on Florida’s insurance market, click here.
OIR encourages companies to learn how to become authorized to sell insurance in Florida. Applications are accepted on a rolling basis, and OIR strives to conclude the review process of all complete applications within 60 days of submission. More information is available on OIR’s company admissions page. A full list of new entities approved to enter the Florida insurance market is available on OIR’s website here.
About the OIR
The Florida Office of Insurance Regulation (OIR) has primary responsibility for regulation, compliance, and enforcement of statutes related to the business of insurance and the monitoring of industry markets.
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