Three New HO Carriers and an Improving Condo Market in Florida, Reports Show

Three new property insurance companies have entered the Florida market this spring, bringing to 20 the number of new carriers since Florida lawmakers ended assignment-of-benefit agreements and one-way attorney fees in 2023.

“To date, these new companies since the legislative reforms bring in more than $850 million in new capital to support additional growth in the state’s property market,” Florida Insurance Commissioner Mike Yaworsky said in a bulletin Wednesday.

• Frontline Insurance, a stalwart of Florida’s insurance market in recent years, added a new reciprocal exchange company. The Office of Insurance Regulation granted a certificate of authority in April, authorizing the exchange for homeowners multiperil and other lines. Frontline is planning a June 18 date for new business, its recent OIR form filing shows.
• Wingsail Insurance, owned by Spinnaker Insurance, was authorized in February to write homeowners multiperil policies. Spinnaker, with offices in New Jersey and Arizona, launched in 2015 as a value-added program fronting company and grew rapidly. In 2020, it was acquired by insurtech Hippo Insurance Services, one of its managing general agents.
• Builder Reciprocal Insurance Exchange, managed by Texas-based Millennial Specialty Insurance, or MSI, an MGA, was approved this week. It will offer homeowners coverage, the OIR indicated.

Unlike several new insurers in the Florida market in recent years, the new firms do not appear to have gone the take-out route, so far, at least. None of the three have been approved for takeouts of Citizens Property Insurance Corp. policies, according to OIR.

The announcement underscores a report from AM Best this week that further indicates a much-improved Florida property insurance environment. The rating and research firm noted that Florida-domiciled personal property insurers recently reported almost $1 billion in underwriting gains. Those gains followed a $132 million underwriting loss just two years ago, AM Best analysts said in the firm’s Market Segment Report.

The rating firm identified 51 Florida-domiciled insurance carriers that now underwrite personal property in the state. The legislative-reform-induced decline in excessive claims litigation appears to have a lot to do with the surge in underwriting profits and lowered costs. Florida insurers’ defense and cost containment expenses have fallen to $131 million—an 80% drop since the peak seen in 2022, AM Best noted.

Yaworsky also said the once-distressed condominium insurance market seems to be healing. Just a few years ago, the state-created Citizens was the primary writer for condo associations in many coastal areas. “Now, there is more competition, with data showing the highest number of condo association writers in the last 15 years,” Yaworsky said.

The news comes as condo sales have rebounded. The condo market had been depressed for years after the deadly collapse of the Surfside condominium tower in 2021, which sparked new regulations, huge expenses for some properties, and higher premiums for many.

In April, though, condominium sales around the state rose 7% over the same month in 2025, FloridaRealtors.org reported. That figure is double the increase in single-family homes sales in Florida, the Realtors’ chief economist said.

“Even more notable: New pending condo sales, which track properties going under contract and often signal future closings, surged nearly 15% compared to April 2025,” the group noted. “That may signal buyer demand is not only stabilizing, but strengthening.”