Florida - Monday January 8, 2024: The Florida Office of Insurance Regulation (OIR) recently approved the acquisition of Florida domestic property and casualty reciprocal insurer, Trusted Resource Underwriters Exchange, which will allow the company to expand its underwriting capacity.
As a result of OIR’s approval of the acquisition, more than $1.25 billion of capital is expected to be invested in Florida’s property and casualty insurance market.
"With this acquisition, we are seeing a huge investment in Florida’s insurance market, that will undoubtedly create healthy competition for anyone who is looking to acquire homeowners’ insurance," said Chief Financial Officer (CFO) Jimmy Patronis. "It’s good to see Florida’s insurance market moving in the right direction."
The announcement follows legislative reforms aimed at stabilizing Florida's home insurance market which has been in crisis for a number of years.
The OIR is working to attract more insurance-related companies to Florida's insurance market in accordance with it's mission to promote a stable and affordable market for consumers,
“The fact that insurance companies are expanding their business in Florida following historic legislative reforms is an indicator that the legislation is having a positive effect on our state’s insurance market,” said Insurance Commissioner Michael Yaworsky. “This investment will help promote more competition in the market for policyholders looking for homeowners’ insurance; OIR looks forward to continuing our efforts in attracting more insurance-related companies, jobs and capital to the Florida insurance market.”