Viceroy Preferred Insurance Company becomes the 15th property and casualty insurer to enter Florida’s market since the passage of the state’s impactful legislative reforms.
Viceroy is domiciled in Florida and is now approved to write insurance in the state for homeowners’ multi-peril and dwelling fire.
Chief Financial Officer Blaise Ingoglia said: “Florida’s insurance market continues to strengthen and improve because of the legislative reforms we have put in place. Floridians now have more choices for their insurance carriers.
“More options allow competition in the marketplace and help to drive costs down. As your Chief Financial Officer, I will continue to work to bring even more insurance companies to Florida while holding them accountable to the policyholders they serve.”
Commissioner Mike Yaworsky added: “Competition in Florida’s property insurance market is booming, and I am thrilled to announce a new Florida-domiciled insurance company approved to write business in our state – Viceroy Preferred Insurance Company.
“We have now approved 15 companies to enter the market since our historic legislative reforms and I do not see any signs of competition slowing down.”
With over 100 years of combined senior leadership experience in the Florida market, Viceroy and its affiliates plan to offer products focused on high-valued homes, initially concentrating on the east coast of the state.
The Florida insurance market is showing signs of growth and stability. Since January 2024, 29 homeowners insurance companies have filed for rate decreases, while 44 companies have requested either no change or a 0% increase.
In 2024, Florida recorded the lowest average homeowners rate increase in the nation, at just 1%, according to S&P Global, the Insurance Information Institute and Lending Tree.
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