Frank J. Russo (pictured), a Florida-based entrepreneur, developer, humanitarian and insurance executive, has launched a bid for governor in the 2026 election as an independent candidate, centering his campaign on the state's affordability and insurance challenges.
Russo is running under the banner “People First - Humanity Over the Dollar,” with a platform he said is aimed at restoring affordability, expanding housing, stabilizing insurance, and strengthening workforce opportunities across Florida. His campaign materials place property insurance, housing, and workforce issues at the top of the agenda and present him as a political outsider with long experience in the state’s insurance and real estate sectors.
His “Russo 2026” platform includes proposals to reinstate an elected insurance commissioner and introduce hurricane-only catastrophe products, alongside pledges to raise teacher pay, restore skilled trade education, expand mixed-income housing, cut property taxes on qualifying primary residences, tighten election procedures, and support what he terms “responsible” plant-based medical treatments.
Russo’s focus on property insurance reform comes against the backdrop of one of the most volatile homeowners' insurance markets in the US.
Over the past decade, Florida’s home insurance sector has seen repeated carrier exits and insolvencies, driven by hurricane losses, reinsurance costs, and litigation. At one point, Florida accounted for roughly 9% of US home insurance claims but nearly 80% of related lawsuits, fueling outsized legal expenses and prompting more than 10 property insurers to liquidate between 2017 and 2022.
In response, state lawmakers passed a series of reforms in 2022–23 aimed at curbing assignment-of-benefits abuses and fee-driven litigation, and at making the market more attractive to capital. Early data suggests those measures have begun to take effect, with Florida’s personal property insurers posting their first aggregate underwriting profit since 2016 in 2024, and domestic carriers collectively swinging from a substantial net loss in 2022 to a material net income in 2024.
Citizens Property Insurance Corporation, the state-backed insurer of last resort, has also been shrinking after ballooning during the crisis. Its policy count, which had surged above 1.4 million by late 2023, has since fallen significantly as private carriers have returned to the market and assumed more risk - changes that analysts linked to the legislative reforms and improving operating results.
Despite signs of stabilization, premiums remain among the highest in the country, and affordability continues to be a central political issue. Recent analysis has found that, even with new entrants and better loss ratios, many homeowners still face steep rate increases or coverage restrictions, particularly in coastal and other high-risk counties.
Russo’s call for “hurricane-only” catastrophe policies would sit on top of an already complex framework. In theory, such products could separate wind and storm surge exposure from other perils and allow some homeowners to buy more targeted catastrophe coverage while arranging separate protection for non-cat risks. In practice, any shift of that kind would need to align with Florida’s regulatory and reinsurance structure, including how Citizens, the Florida Hurricane Catastrophe Fund, and private carriers share peak risk.
His proposal to reinstate an elected insurance commissioner would also mark a notable governance change. Florida’s Office of Insurance Regulation is currently led by a commissioner appointed by the state’s chief financial officer and cabinet. Moving back to an elected model could alter how regulatory priorities on rates, solvency, litigation, and market entry are set and communicated, with implications for carriers and investors assessing Florida risk.
Russo’s housing and tax planks also intersect with insurance market dynamics. A proposed 250-unit mixed-income “Humanity Building Foundation” pilot aimed at families, veterans, and seniors would likely require careful risk-sharing and insurance structures if replicated at scale, especially in coastal or flood-prone areas. His pledge to cut property taxes on qualifying primary residences, if implemented broadly, could affect local government revenue that supports infrastructure and resilience projects - factors closely watched by insurers and reinsurers with Florida exposure.
On workforce, his emphasis on trade education and “AI-era” reskilling aligns with the sector’s own talent and operational challenges. Insurers and intermediaries in Florida have been increasing investment in claims, catastrophe modeling, risk engineering, and data science to cope with climate-driven volatility and a tighter reinsurance market. State-level initiatives that expand the pipeline for skilled trades and digital skills could indirectly support carriers’ and brokers’ recruitment and modernization efforts.
“Floridians are struggling with rising housing and insurance costs while careers shift in a changing economy. I’m running to guarantee every Floridian a safe home, affordable coverage, and a real pathway to a good job,” Russo said. “When we put people first, Florida thrives.”
