Alvaro Ortiz, the CEO of Tampa-based Florida Insurance and Reinsurance Co. since it was formed in 2024, has resigned from the fledgling company without a public explanation or indication of what comes next.
“After careful consideration, I have made the important decision to resign from my position as chief executive officer of Florida Insurance and Reinsuranc
e Company (‘Florida Re’), bringing to a close a meaningful and rewarding chapter in my professional journey,” Ortiz posted on his Linkedin page late last week.
Ortiz and other company officials could not be reached for comment over the weekend. Florida Re’s website continued to show Ortiz as CEO.
Ortiz has almost 30 years in the insurance business in Florida, including leadership positions with Starlight Insurance, Frontline Insurance, Insurance Of
fice of America, Everest Re and Liberty Mutual Insurance, according to his Linkedin profile. He was named CEO of Florida Re in July 2024, a year before the firm was granted a certificate of authority by Florida regulators.
Florida Office of Insurance Regulation information and industry insiders suggest that Ortiz’ job situation and the company’s lack of growth in Florida may have had something to do with the state of the Florida condo market, where Florida Re’s business appeared to be partly focused.
Although the homeowners’ line of business in the state has rebounded remarkably in recent years, following Florida legislative changes that stemmed excessive claims litigation, the condominium insurance market has no
t fared as well. Condo association premiums have spiked in recent years in the wake of the deadly 2021 Champlain Towers South collapse, and sales of condo units have fallen statewide.
The OIR’s quarterly data show that Florida Re has not expanded much since it started, holding just 11 policies in the state in the first quarter of this year, and
$3.9 million in total direct premium written. All of those policies were commercial residential. The firm also is authorized to write direc
t coverage for commercial multiperil, inland marine, fire, allied lines, and boiler and machinery policies, as well as reinsurance for multiple lines of insurance.
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But the reinsurance market also may be in something of an interesting moment: Prices have fallen significantly in the last two years, the AM Best r
ating firm and others have reported. With no Florida hurricanes last year and few predicted for this season, reinsurance demand may have dropped.
Florida property insurers, overall, also have seen much new competition recently. At least 20 new carriers, mostly startups, have entered the state since the 2022 legislative reforms were enacted.
Despite that, Florida Re appeared to be in strong financial condition, at least in 2025. AM Best granted the firm an “A- Excellent” financial strength rating in December, and a similar credit rating.
