Florida insurers regulators have approved Apex Star Reciprocal Exchange as the 12th insurer to enter the state since legislative reforms were passed in the last two years to stabilise the market.
Apex Star Reciprocal Exchange is a property and casualty insurer part of Starlight Insurance Group, based in New Port Richey, Florida.
The company has now been approved to provide fire, allied lines, homeowners multi-peril, commercial multi-peril, inland marine and other liability coverage in the state.
Insurance Commissioner Mike Yaworsky said: “The continued growth in Florida’s insurance market is due in large part to the historic legislative reforms we have enacted. We must continue on this path and not turn the clock backwards.
“I am pleased to approve Apex Star Reciprocal Exchange as our latest property insurer to provide coverage in our great state.”
Florida’s property insurance market has seen significant growth since the implementation of historic reforms, with Apex Star being the latest of 12 new property and casualty insurers to enter the market.
These new companies bring over $418 million in policyholder surplus, further supporting the expansion of the state’s property market.
“The impact of past legislative reforms continues to show progress in our current market.
Homeowners insurance costs fell 0.7% in the fourth quarter of 2024 and OIR has received nearly 100 residential filing requests for rate decreases or 0% increases,” officials stated.
Adding: “Since January 2024, 19 companies have filed for a rate decrease and 37 companies have requested no change or 0% increase.”
According to a recent S&P report, the average state-wide increase for homeowners insurance rates in Florida for 2024 was only 1%, the lowest in the US.
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