Property Insurance Market – Courtesy: Shutterstock – Image by Alexander Raths
Two more insurance companies have been given permission to join the Florida insurance market, according to a statement released by the Office of Insurance Regulation (OIR) on Wednesday.
With eight more insurance companies now operating in Florida, industry officials anticipate that this will increase competition in the market and provide homeowners with more alternatives and flexibility when choosing a new provider.
The newly approved property and casualty insurers in the state of Florida include startups Ovation Home Insurance Exchange and Manatee Insurance Exchange, as well as Tailrow Insurance Company, Mainsail Insurance Company, Orion 180 Insurance Company, Orion 180 Select Insurance Company, Orange Insurance Exchange, and Condo Owners Reciprocal Insurance.
An insurance rating company called Demotech just gave Manatee a Financial Stability Rating of A; Ovation has not yet received a rating.
All current Florida business will be transferred to Manatee by Safepoint Insurance Company, a carrier affiliated with the Safepoint Group.
In order to enable the current company to increase its underwriting capacity and footprint in the state, OIR also approved the acquisition of Trusted Resource Underwriters Exchange, a domestic property and casualty reciprocal insurer.
More than $1.25 billion in capital will be invested in Florida’s property and liability insurance market as a result of OIR’s approval of the purchase.
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Chris began his writing as a hobby while attending Florida Southern College in Lakeland, Florida. Today he and his wife live in the Orlando area with their three children and dog.
