The Florida Office of Insurance Regulation (OIR) has approved Orion180 Select Insurance Company and Orion180 Insurance Company to form as property and casualty (P&C) insurers in Florida.
This marks the third and fourth P&C insurers approved to operate in Florida following legislative reforms designed to promote market stability.
As a result of these reforms, there are additional opportunities in the market for insurers within the state of Florida.
This announcement comes fresh on the heels from a promising update from OIR, as the state’s insurance market continues to exhibit signs of robust growth. Earlier this month, OIR granted approval to Mainsail Insurance Company, a P&C insurer based in Texas, as just the second company to earn authorization as a domestic P&C insurer within Florida.
Both Orion180 Select Insurance Company & Orion180 Insurance Company are Indiana-based P&C insurers and applied to operate in Florida using an expansion application.
Both companies join Mainsail, as well as Tailrow Insurance Company, which was approved by OIR in April.
Commissioner Michael Yaworsky, commented: “OIR has been diligently working to attract more companies, jobs and capital to Florida’s insurance market since the passage of recent legislative reforms.
“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.”
In May, Orion180 successfully filled its $455 million excess-of-loss (XOL) reinsurance tower for first and second event coverage this hurricane season for its Orion180 Insurance Co. homeowners business.