Two additional property insurers have entered the Florida market this summer, raising the total number of new carriers joining the state since 2023 to 14
The development signals that legislative measures aimed at reducing claims litigation are yielding results and attracting greater competition to the state, said Insurance Commissioner Michael Yaworsky.
“Our market is becoming more and more competitive, and we continue to see great progress in rate requests with over 120 residential filing requests for rate decreases or 0% increases so far this year,” Yaworsky said in a statement Friday.
Since early 2023, more new insurance companies and subsidiaries have entered the Florida market than the total number of property insurer failures recorded between 2020 and 2023 — the height of the state’s property insurance crisis.
Incline National Insurance, headquartered in Austin, Texas and a member of the Incline Insurance Group, was granted its certificate of authority in April. According to the Office of Insurance Regulation, the company plans to offer a range of products, including homeowners multiperil, allied lines, inland marine, workers’ compensation, and private passenger auto insurance.
Earlier this year, AM Best awarded the company an "A- (Excellent)" financial strength rating. Incline Insurance Group is privately held, with offices in Austin, Dallas, and Greenwich, Connecticut. Corporate records from the Florida Secretary of State list Christopher McClellan as the group's president and CEO.
Florida Insurance and Reinsurance, or Florida Re, is a subsidiary of London-based MNK Group, a global financial services firm. The company received its Florida certificate of authority on June 25 and will primarily target the condominium and condo association market—a sector that has faced rising premiums and shrinking coverage since the 2021 collapse of the Champlain Towers South building.
With offices in Miami, the company also intends to offer property coverage for smaller multi-tenant office buildings, along with reinsurance products. No financial strength rating has been identified for the company. Listed officers include Julio Cesar Velasquez, Oscar Armando Calderon, and Manoj Kumar, chairman of the MNK Group.
“More companies entering the Florida market is a surefire sign that the legislative reforms to address legal system abuse are working,” said Adam Shores, senior vice president of state government relations at APCIA, the American Property Casualty Insurance Association. “As competition in the marketplace increases, rates are stabilizing and even decreasing for consumers. Florida is doing something right and other states are taking notice.”
In a bulletin released Friday, Yaworsky also announced that the Office of Insurance Regulation has completed the runoff of Anchor Property and Casualty Insurance, which was rebranded as Patriot Select Insurance in April. According to Yaworsky, Patriot Select aims to grow its policy count to as many as 40,000 by year’s end.
