New Report: Florida’s Insurance “Recovery” Is a Revolving Door of Failed Firms and Political Favors
FOR IMMEDIATE RELEASE
November 19, 2025
Contact: contact@insurancefairnessproject.com
New Report: Florida’s Insurance “Recovery” Is a Revolving Door of Failed Firms and Political Favors
Today, the Insurance Fairness Project released its report, Behind Florida’s Insurance “Comeback”: The Same Players, the Same Risks. This report finds that Florida’s post-Ian “rebuild” has reproduced many of the same conditions that left homeowners exposed in the last crisis. The report was first covered by The American Prospect.
The report reveals that Florida’s insurance market remains precariously balanced on the same weak foundations that failed in the past: undercapitalized companies, opaque ratings, and a regulatory system that prioritizes market optics over homeowner protection. These vulnerabilities leave the market ill-equipped to absorb major losses from hurricanes or other catastrophic events.
“Florida’s so-called insurance ‘recovery’ is a mirage – and one that will continue costing Floridians dearly,” said Lizzy Price, a spokesperson for the Insurance Fairness Project. “Weak oversight and political coziness have turned the state’s insurance system into a revolving door for industry insiders. Without independent ratings and real accountability, Florida isn’t preventing the next collapse, it’s paving the way for it.”
Some key findings from the report:
>> Recycling of failed firms: Four of the new insurers either appear to have been restructured from a company that became insolvent in the past decade; have strong ties to a company that became insolvent in the past decade; or have ties to a company that faced financial trouble and was on the brink of insolvency. (Viceroy, Patriot, VYRD, Apex)
>> Questionable claims performance: Five are among the fourteen companies that Weiss Ratings found to have closed out more than half of their claims in 2024 without payment, or are led by executives whose former companies are on that list. (Patriot, Slide, Vision, Loggerhead, Praxis)
>> Regulatory penalties: Four are among the eight companies recently assessed $2 million in fines by the Florida Office of Insurance Regulation (OIR) over mishandling of hurricane claims. (Viceroy, Sutton, Centauri, HCI Holdings/CORE)
>> Inflated ratings: Nine either have lower ratings from independent agencies than they do from Demotech, or are not rated by an independent rating agency. (Slide, Viceroy, Patriot, Mangrove, Centauri, Loggerhead, VYRD, Orion180, CORE)
For true market stability, Florida must move beyond cosmetic fixes. Independent oversight of insurers, transparent and reliable financial ratings, and enforceable accountability mechanisms are essential. Policies should prioritize the protection of homeowners and communities over the short-term benefit of private insurers or political expediency.
Without these reforms, Floridians will continue to shoulder the burden of the state’s fragile insurance system, paying some of the nation’s highest premiums while facing ongoing uncertainty about whether their coverage will hold when disaster strikes.
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The Insurance Fairness Project is an information hub dedicated to offering insights into the home insurance crisis, exploring its drivers and highlighting solutions alongside issue experts and community advocates.
