The 12th New Property Insurer, Apex Star Reciprocal, Enters Florida Market

Florida’s insurance commissioner on Monday announced another entry into the warming waters of the Florida property-casualty market – the 12^th new insurer in the last two years.

Apex Star Reciprocal Exchange is part of Starlight Insurance Group, based in New Port Richey, Florida. David Nichols is listed as president and CEO of Starlight since October 2023. He previously was CEO of Interboro Insurance Group, according to his Linkedin page.

Apex Star will offer homeowners multiperil, commercial multiperil, inland marine, allied lines, fire and liability coverage, according to OIR.

Insurance Commissioner Michael Yaworsky said the newest entry into the once-turbulent Florida market is further evidence that 2022-2023 legislation, which throttled excessive claims litigation and bad-faith claims against insurers, is bearing fruit.

“The continued growth in Florida’s insurance market is due in large part to the historic legislative reforms we have enacted,” Yaworsky said in a statement. “We must continue on this path and not turn the clock backwards.”

The Florida consent order authorizing Apex Star, signed in November 2024, notes that the exchange’s subscribers must pay premiums on policies as well as a surplus contribution equal to 10% of the annual premium. The firm has the minimum required surplus, including at least $400,000 deposited with the state Department of Financial Services’ Bureau of Collateral Management.

The number of new property-casualty insurers to enter Florida since 2022 has now surpassed the number of insolvencies seen from 2019 through 2023, during what has been called the height of the Florida property insurance litigation crisis.

Topics Carriers Florida New Markets Property