Two insurance companies have received authorization to offer coverage in Florida, according to Insurance Commissioner Mike Yaworsky, who said additional company approvals are expected as competitive activity continues to expand in the state.
Incline National Insurance Co., a Texas-based fronting carrier, has been approved to write several lines of business, including allied lines, homeowners multiperil, inland marine, workers’ compensation, and private passenger automobile, the Florida Office of Insurance Regulation (OIR) said.
Incline National is part of Incline Insurance Group, which comprises three rating-unit members. The company plans to offer coverage statewide in Florida.
Incline Insurance Group reported a net income of $15.3 million last year, up from $4.4 million in 2023. The group’s annual net premiums written fell to $105.7 million from $176.1 million during the same period, while its combined ratio improved to 91.7 from 93.6 in 2023.
AM Best described the group’s business profile as limited due to its start-up status, citing execution risk. It noted, however, that continuity is supported by a management team with more than 75 years of combined program carrier experience.
The credit agency also said the group has broadened its geographic distribution. Incline offers commercial and personal property & casualty program business, with concentrations in commercial auto liability, private passenger auto liability, auto physical damage, homeowners, and allied lines. According to its website, the group operates in all but eight states.
Meanwhile, Florida Insurance and Reinsurance Co. (Florida Re), a subsidiary of MNK Group, also secured regulatory approval. Florida Re stated that its initial commercial property program targets residential condominiums and homeowner associations.
The program is structured around ISO special perils, with optional coverage features such as ordinance or law, or restricted coverage under ISO broad or basic perils.
Florida Re said the program is intended for associations that have strong secondary wind mitigation characteristics, including updated roofing systems and hurricane straps, and that are willing to take on higher deductibles.
The OIR added that the company, which previously focused on reinsurance brokerage, will also offer property coverage for smaller, multi-tenant office buildings.
Florida’s insurance landscape has undergone regulatory reforms since 2022 aimed at stabilizing the property insurance market. As a result, 14 new property and casualty insurers have been approved to enter the Florida market.
Citizens Property Insurance Corp., the state-run insurer of last resort, has seen its policy count drop in several high-exposure regions, including a 30% decline in the Tampa Bay area. Approximately 90,000 policies have transitioned from Citizens to private carriers over the past year as the state continues its strategy to depopulate Citizens and reduce public exposure.
OIR has attributed the increase in insurer interest partly to the effects of recent legislative actions. The agency noted that reforms enacted by lawmakers have helped support market stabilization and provided clearer guidelines for claims handling, litigation, and reinsurance financing.
Rate filing data from the first half of 2025 shows a shift in pricing trends among residential property insurers. The OIR reported that more than 120 filings sought either rate reductions or requested no increase.
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