Two more property insurers have put their toes in the Florida market this summer, bringing to 14 the number of new carriers in the state since 2023. It’s another sign that legi
slative discouragement of claims litigation has made a difference and has encouraged more competition in the state
, Insurance Commissioner Michael Yaworsky said.
“Our market is becoming more and more competitive, and we continue to see great progress in rate requests with over 120 residential filing requests for rate
decline or 0% increases so far this year,” Yaworsky said in a statement Friday.
The number of new insurance companies or new subsidiaries of existing carriers entering Florida since early 2023 now exceeds the number of property insurance i
nsolvencies seen from 2020 to 2023, during the depths of the Florida property insurance crisis.
Incline National Insurance, based in Austin, Texas, and part of Incline Insurance Group, received its certificate of author
ity in April. It will offer homeowners multiperil, allied lines, inland marine,
workers’ compensation and private passenger auto insurance policies, the Office of Insurance Regulation reported.
The AM Best financial rating firm this year gave the company an “A- (Excellent)” financial strength rating. The Incline gro
up is privately owned and has offices in Austin, Dallas and in Greenwich, Conn
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ecticut. Christopher McClellan is listed as president and CEO, according to Florida Secretary of State corporation records.
Florida Insurance and Reinsurance, also known as Florida Re, is a unit
of London-based MNK Group, a global financial company. The insurer received its Florida certificate of authority June 25 and will focus mostly on condominium and
condo association coverage, a segment of the market that has seen higher rates and reduced coverage since the 2021 c
collapse of the Champlain Towers South condo building.
The company, with offices in Miami, also plans to provide property coverage for smaller, multi-tenant office buildings
, as well as reinsurance products. A rating for the company could not be found. Officers include Julio Cesar Velasquez, Oscar Armando Calderon, and Manoj Kumar, the chairman of MNK Group.
“More companies entering the Florida market is a surefire sign that the legislative reforms to address legal system abuse are working,” said Adam Shores, senior vice president of state government relations at APCIA, the American Property Casualty Insurance Association. “As competition in the marketplace increases, rates are stabilizing and even decreasing for consumers. Florida is doing something right and other states are taking notice.”
