The Florida Office of Insurance Regulation (OIR) announced Wednesday that two more insurance companies were approved to enter the state's insurance market.
It now brings a total of 8 new insurance companies operating in the State of Florida, which leaders hope will booster a more competitive insurance market giving homeowners more options and flexibility when shopping for a new company.
Startups Ovation Home Insurance Exchange and Manatee Insurance Exchange join Tailrow Insurance Company, Mainsail Insurance Company, Orion 180 Insurance Company, Orion 180 Select Insurance Company, Orange Insurance Exchange, and Condo Owners Reciprocal Insurance as newly approved property and casualty insurers in the state of Florida.
Manatee was recently assigned a Financial Stability Rating of A by Demotech, an insurance rating agency, while Ovation has not yet been rated.
Safepoint Insurance Company, a carrier within the Safepoint Group, will transfer all existing Florida business to Manatee.
OIR also approved the acquisition of Trusted Resource Underwriters Exchange, a domestic property and casualty reciprocal insurer, to allow the existing company to expand its footprint in the state and underwriting capacity.
OIR’s approval of the acquisition will result in more than $1.25 billion of capital being invested in Florida’s property and casualty insurance market.
