James R. Venney, a mortgage expert with the Florida Association of Mortgage Professionals, has highlighted the impact of new competition in Florida's insurance sector on reducing costs and supporting greater homeownership. He made this statement on LinkedIn.
"Big news for Florida homeowners," said R. Venney, Mortgage Expert and Continuing Education Instructor, according to LinkedIn. "Two new insurance carriers have entered the market. Helping drive insurance premiums down. Now is the time to explore your options."
According to Insurance Business America, reciprocal insurance exchanges are reshaping Florida’s homeowners market. Previously, carriers had been leaving due to high litigation costs and storm risks. In 2024, the Florida Office of Insurance Regulation approved several new insurers, including Ovation Home Insurance Exchange, Manatee Insurance Exchange, Condo Owners Reciprocal Exchange (CORE), and Orange Insurance Exchange. These entities are structured as subscriber-owned reciprocals that pool policyholders’ risks while being administered by an attorney-in-fact. This structure allows them to compete where traditional stock insurers have hesitated. Their arrival is seen as a sign of stronger competition and renewed affordability for homeowners seeking stability.
Conning reports that Trusted Reciprocal Underwriters Exchange (TRUE), a Florida-domiciled reciprocal insurer formed by American Family in 2020, secured a $1.25 billion investment from private equity firm Gallatin Point in 2024. The funding was structured as a surplus note, significantly enhancing the exchange’s financial capacity to underwrite catastrophe-exposed homes while retaining its subscriber-owned framework. TRUE operates as a reciprocal insurer where policyholders collectively share risks and surpluses while management is handled by an attorney-in-fact. This transaction demonstrates that reciprocal insurers can attract institutional backing while maintaining nonprofit-style governance that benefits members directly.
According to the Florida Office of Insurance Regulation (FLOIR), regulatory reforms in Florida are fueling growth in reciprocal insurers, with several newly licensed exchanges entering the market between late 2023 and 2024. For instance, CORE was approved as a domestic reciprocal in November 2023, while Trident Reciprocal Exchange gained approval in mid-2024. These approvals fall under Chapter 629 of the Florida Statutes, which governs reciprocals’ surplus requirements, subscriber agreements, and attorney-in-fact management structures. The expansion of reciprocals illustrates how Florida is encouraging innovative member-owned models to counter high rates and improve market resilience for homeowners.
Venney’s mortgage leadership aligns with educating borrowers navigating insurance options, including reciprocals. According to the Florida Association of Mortgage Professionals member directory, Venney is a third-generation Florida native with senior roles such as Senior Vice President/Director of Residential Lending at TotalBank; he previously served as Miami Chapter President and on FAMP’s Executive Committee and is a Continuing Education instructor.