Florida Insurance Commissioner Mike Yaworsky announced two new companies have been approved to write residential insurance policies in the state, bringing the total number of new market entrants since recent legislative reforms to 14. Florida’s domestic property insurers collectively reported $944 million in net income for year-end 2024—up from $292 million in 2023 and reversing a $741 million loss in 2022.

The new entrants:

• Incline National Insurance Company, based in Texas, is approved to write homeowners, auto, workers’ comp, and other lines. The company holds an A rating from A.M. Best.

• Florida Insurance and Reinsurance Company, domiciled in Florida, will focus on condos and small commercial properties, with plans to offer reinsurance products that support exposure management and capital efficiency.

Regulatory momentum continues, with over 120 filings in 2024 for either a rate decrease or no rate increase. Florida saw the lowest average homeowners rate increase in the nation last year, averaging just 1% according to S&P Global, III, and LendingTree. In Q4 2024, homeowners insurance costs in Florida fell 0.9%.

The Office of Insurance Regulation (OIR) also completed the supervised runoff of Anchor Property and Casualty, which reentered the market as Patriot Select Insurance Company, targeting 40,000 policies by year-end.

Companies interested in entering the Florida market can apply year-round. OIR aims to review complete applications within 60 days.