Florida’s insurance market added three new property and casualty carriers this week, state officials announced.

Insurance Commissioner Mike Yaworsky announced that Builder Reciprocal Insurance Exchange, Frontline Insurance Reciprocal Exchange, and Wingsail Insurance Company have been approved to operate in the state.

Builder Reciprocal Insurance Exchange, headquartered in Texas, was approved to write homeowners’ multi-peril insurance with a focus on new or newer home communities. Frontline Insurance Reciprocal Exchange, based in Lake Mary, was approved for a broader range of coverage — including fire, allied lines, homeowners multi-peril, inland marine, boiler and machinery, and other liability — across all 67 Florida counties. Wingsail Insurance Company expanded its coverage into Florida for homeowners’ multi-peril insurance.

Yaworsky credited the state’s legislative reforms for drawing new carriers into the market, saying 20 insurers have now entered since those changes took effect. “Florida is becoming more and more of an attractive place to deploy capital,” he said, encouraging consumers to shop around and research the new companies.

Florida’s property insurance market has faced years of instability, with numerous carriers exiting the state or becoming insolvent following back-to-back hurricane seasons and widespread litigation concerns.

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