TALLAHASSEE, Fla. (WFLA) — Insurance Commissioner Mike Yaworsky announced on Thursday that two new property insurers are entering Florida’s market.

The new companies, Stand Insurance Exchange and Praxis Reciprocal Exchange, are the 16th and 17th insurers to break into the market since the state’s historic legislative reforms.

Since the reforms, all new companies bring in more than $574 million in policyholder surplus to support additional growth in the state’s property market.

“Florida’s insurance market continues to strengthen. When new companies enter the insurance market, they create more competition in the marketplace for the business of Florida homeowners and, therefore, help to drive down insurance rates,” said Chief Financial Officer Blaise Ingoglia. “I am proud to see the list of companies doing business in Florida continue to grow.”

Stand Insurance Exchange, which is based out of Tallahassee, is now approved to write insurance in Florida for fire, homeowners, multi-peril, allied lines, inland marine, and other liabilities. The company aims to help residents protect their homes while lowering their premiums in the process.

Praxis Reciprocal Exchange, a Tampa-based company, is now also approved to write insurance in the state for fire, allied lines, homeowners multi-peril, inland marine, boiler machinery, and other liabilities.

According to a release by the Florida Office of Insurance Regulation (OIR), since January 2024, 30 homeowners companies have filed for a rate decrease and 45 companies have requested a 0% increase.

TALLAHASSEE, Fla. (WFLA) — Insurance Commissioner Mike Yaworsky announced on Thursday that two new property insurers are entering Florida’s market.

The new companies, Stand Insurance Exchange and Praxis Reciprocal Exchange, are the 16th and 17th insurers to break into the market since the state’s historic legislative reforms.

Since the reforms, all new companies bring in more than $574 million in policyholder surplus to support additional growth in the state’s property market.

“Florida’s insurance market continues to strengthen. When new companies enter the insurance market, they create more competition in the marketplace for the business of Florida homeowners and, therefore, help to drive down insurance rates,” said Chief Financial Officer Blaise Ingoglia. “I am proud to see the list of companies doing business in Florida continue to grow.”

Stand Insurance Exchange, which is based out of Tallahassee, is now approved to write insurance in Florida for fire, homeowners, multi-peril, allied lines, inland marine, and other liabilities. The company aims to help residents protect their homes while lowering their premiums in the process.

Praxis Reciprocal Exchange, a Tampa-based company, is now also approved to write insurance in the state for fire, allied lines, homeowners multi-peril, inland marine, boiler machinery, and other liabilities.

According to a release by the Florida Office of Insurance Regulation (OIR), since January 2024, 30 homeowners companies have filed for a rate decrease and 45 companies have requested a 0% increase.