TALLAHASSEE, Fla.—Insurance Commissioner Mike Yaworsky is announcing more growth in Florida’s insurance market with the approval of another property and casualty insurer. Apex Star Reciprocal Exchange is now the 12th insurer entering the market since historic legislative reforms. The company is based out of New Port Richey and will provide fire, allied lines, homeowners multi-peril, commercial multi-peril, inland marine and other liability coverage in the state.
Commissioner Mike Yaworsky said, “The continued growth in Florida’s insurance market is due in large part to the historic legislative reforms we have enacted. We must continue on this path and not turn the clock backwards. I am pleased to approve Apex Star Reciprocal Exchange as our latest property insurer to provide coverage in our great state.”
Apex Star joins 11 other property and casualty insurers entering the market since Florida’s historic reforms. The new companies have more than $418 million in policyholder surplus to support additional growth in the state’s property market.
The impact of past legislative reforms continues to show progress in our current market. Homeowners insurance costs fell 0.7% in the fourth quarter of 2024 and OIR has received nearly 100 residential filing requests for rate decreases or 0% increases. Since January 2024, 19 companies have filed for a rate decrease and 37 companies have requested no change or 0% increase. According to a recent S&P Global report, Florida had the lowest average homeowners rate increase in the nation in 2024, with an average statewide increase of only 1%.
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. For more information about OIR, please visit floir.com or follow on X @FLOIR_comm.