New property and casualty insurers enter Florida market
Florida’s Office of Insurance Regulation (OIR) has approved Orion180 Select Insurance Company and Orion180 Insurance Company as property and casualty insurers as part of ongoing efforts to expand insurance options.
The approvals come after historic reforms to strengthen Florida’s property insurance market. The Orion180 approvals follow the addition of Tailrow Insurance Company in April and Mainsail Insurance Company earlier in August.
Reforms have sought to offer consumers more choice, pricing competition and coverage options. Litigation has seen Florida’s insurance market contract with consumers having less choice.
“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.”
Indiana-based Orion180 Select Insurance Company and Orion180 Insurance Company applied to operate in Florida using an expansion application.
QIR says 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.
The Florida OIR is responsible for regulation, compliance, and enforcement of statutes related to the business of insurance and the monitoring of industry markets.