Florida Insurance Regulation Office Approves Two Companies to Form as Property and Casualty Insurers in Florida Following Legislative Reforms

TALLAHASSEE, Florida, Aug. 23 -- The Florida Office of Insurance Regulation issued the following news release on Aug. 22, 2023:

Today, the Florida Office of Insurance Regulation (OIR) approved Orion180 Select Insurance Company and Orion180 Insurance Company to form as property and casualty insurers in Florida. Today's announcement marks the third and fourth property and casualty insurers approved to operate in Florida following legislative reforms designed to promote market stability. As a result of these reforms, there are additional opportunities in the market for insurers to sell insurance in the state of Florida.

"OIR has been diligently working to attract more companies, jobs and capital to Florida's insurance market since the passage of recent legislative reforms," said Commissioner Michael Yaworsky. "Today's announcement is another sign that the reforms are having a positive impact on Florida's insurance market. We look forward to continuing this momentum and giving consumers more options in the market for homeowners insurance."

Orion180 Select Insurance Company and Orion180 Insurance Company are Indiana-based property and casualty insurers and applied to operate in Florida using an expansion application. An expansion application is for use by companies in good standing in their state of domicile that wish to expand their business into a uniform state.

Orion180 Select Insurance Company and Orion180 Insurance Company join Mainsail Insurance Company, which was approved by OIR in August, and Tailrow Insurance Company, which was approved by OIR in April.

OIR encourages companies to learn more about how to become authorized to sell insurance in Florida. Applications are accepted on a rolling basis and OIR strives to conclude the review process of all complete applications within 60 days of being submitted. More information is available on OIR's company admissions page (https://www.floir.com/sections/appcoord/is_ac_index.aspx?utm_medium=email&utm_source=govdelivery).

A full list of new entities approved to enter the Florida insurance market is available on OIR's website here (https://floir.com/resources-and-reports/new-entities-to-the-market?utm_medium=email&utm_source=govdelivery).

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Original text here: https://floir.com/newsroom/archives/item-details/2023/08/22/oir-approves-two-companies-to-form-as-property-and-casualty-insurers-in-florida-following-legislative-reforms