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Florida CFO Jimmy Patronis says 8 new home insurers 'will have an effect'

'We make sure that they're vetted, that they are a legitimate leadership-established company,' Patronis says
Posted at 7:53 PM, Apr 05, 2024

WEST PALM BEACH, Fla. — As eight new insurance companies enter Florida, the state's chief financial officer said the competition they bring "will have an effect" on the marketplace.

"It doesn't happen overnight, but eight new companies coming to the state of Florida, that's more than any other state in the union can say," Jimmy Patronis said Thursday during a visit to WPTV.

The companies, Ovation, Manatee, Condo Owners Reciprocal, Orange, Orion180 Select, Orion180, Mainsail and Tailrow are currently involved in take-out offers for Citizens policies.

The Florida Office of Insurance Regulation announced this week that these eight insurers have been approved to do business in the state.
The Florida Office of Insurance Regulation announced this week that these eight insurers have been approved to do business in the state.

"We make sure that they're vetted, that they are a legitimate leadership-established company to do that type of business in Florida," Patronis said.

The companies though are far from household names, as insurance agent Paula Blanda, known as Paula the Insurance Lady, explained.

"The trend we see with the companies coming in, most are newer and most of them are a little smaller," Blanda said.

Paula Blanda shares her thoughts on the eight new insurance companies entering the marketplace in Florida.
Paula Blanda shares her thoughts on the eight new insurance companies entering the marketplace in Florida.

The companies coming in, she points out, are regulated by the state and come in with A ratings. Agents will be doing their own vetting.

Patronis said the influx of companies is the result of reforms in litigation reforms and ultimately will bring competition.

If you have a question or comment on homeowners insurance, email WPTV reporter Matt Sczesny at matt.sczesny@wptv.com