Two new insurers have been approved to enter Florida’s property insurance market, state regulators said Friday, adding to a list of companies seeking to expand as the state shows early signs of financial stabilization in the sector.

Incline National Insurance Company, based in Texas, and Florida Insurance and Reinsurance Company, a newly formed domestic carrier, were authorized by the Office of Insurance Regulation to write residential policies. The additions bring the total number of new market entrants to 14 since 2023.

Incline National received approval to offer homeowners multi-peril, inland marine, allied lines, workers’ compensation, and private passenger auto coverage. The company, which holds an A rating from A.M. Best, plans to write policies statewide. Florida Insurance and Reinsurance Company will focus on coverage for condominiums, condo associations, and small office buildings. It also intends to offer reinsurance products tailored to managing risk and optimizing capital.

Insurance Commissioner Mike Yaworsky said the approvals reflect increasing competition and improving financial health across the market.

“Our market is becoming more and more competitive, and we continue to see great progress in rate requests with over 120 residential filing requests for rate decreases or 0% increases so far this year,” he said.