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Jan 5, 2024, 15:32 by Samantha Bequer

Recently, the Florida Office of Insurance Regulation (OIR) approved the acquisition of Florida domestic property and casualty reciprocal insurer, Trusted Resource Underwriters Exchange, to allow the existing company to grow its footprint in the state and expand its underwriting capacity. As a result of OIR’s approval of the acquisition, more than $1.25 billion of capital is being invested into Florida’s property and casualty insurance market.

TALLAHASSEE, Fla. - Recently, the Florida Office of Insurance Regulation (OIR) approved the acquisition of Florida domestic property and casualty reciprocal insurer, Trusted Resource Underwriters Exchange, to allow the existing company to grow its footprint in the state and expand its underwriting capacity. As a result of OIR’s approval of the acquisition, more than $1.25 billion of capital is being invested into Florida’s property and casualty insurance market.

Chief Financial Officer (CFO) Jimmy Patronis said, "This is another sign that there is more interest in Florida’s insurance market – and that’s a good thing. More capital flowing to Florida is good for the health of our overall market, which is another step in fostering competition to rein in rates for policyholders. We must continue to put policyholders first and I appreciate the Commissioner’s continued efforts at improving the market for everyone."

“The fact that insurance companies are expanding their business in Florida following historic legislative reforms is an indicator that the legislation is having a positive effect on our state’s insurance market,” said Insurance Commissioner Michael Yaworsky. “This investment will help promote more competition in the market for policyholders looking for homeowners’ insurance; OIR looks forward to continuing our efforts in attracting more insurance-related companies, jobs and capital to the Florida insurance market.”

This announcement follows extensive legislative reforms implemented to promote continued market stabilization. As a result of these reforms, Florida is seeing additional opportunities in the market for companies to sell insurance.

In accordance with OIR’s mission to promote a stable and competitive insurance market for consumers, OIR is continually working to attract more insurance-related companies, jobs, and capital to the Florida insurance market. OIR continues its business development efforts to bring additional insurers to the state through external outreach, expedient application review, getting products to market more expeditiously, implementing and providing guidance on recently passed legislation, and maintaining sophisticated regulatory technology.

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.