The Florida Office of Insurance Regulation (FLOIR) has approved ASI Select Insurance Corp.’s application to write homeowners insurance in Florida. This announcement was made in a regulatory filing.
Progressive Direct Insurance Company has received regulatory approval to operate a new licensed entity in Florida under the name ASI Select Insurance Corp. The approval, granted by the Florida Office of Insurance Regulation, is documented in an approval letter dated December 11, 2024. This decision allows ASI Select Insurance Corp. to conduct insurance business in Florida, thereby expanding Progressive’s presence in the state through this new entity.
According to the Florida Office of Insurance Regulation, Florida’s property insurance market continues to be affected by a disproportionate share of litigation. The state accounted for nearly 71% of all homeowners insurance lawsuits nationwide in 2022, despite having only 15% of all U.S. homeowners insurance claims. Insurers operating in Florida have faced increased costs related to defending and settling lawsuits, contributing to premium increases for policyholders across the state. The report indicates that litigation costs remain a primary factor in ongoing volatility and rate pressure within Florida’s property insurance market.
A report analysis by the National Association of Mutual Insurance Companies (NAMIC) highlights that mutual and reciprocal insurers are designed to operate for the benefit of their policyholder-members rather than outside shareholders, focusing on long-term stability and resilience. The scenario testing report describes how these insurers employ risk-sharing and capital management practices that help them withstand adverse events and support market continuity during challenging times. It also notes that the mutual model prioritizes surplus preservation and collective benefit during periods of significant market stress.
Tricia Griffith serves as President and Chief Executive Officer of Progressive Corporation, a position she has held since July 2016 after being elected to the Board of Directors. Griffith began her career at Progressive in 1988 as a Claims Representative and advanced through multiple leadership roles, including Chief Human Resources Officer and Personal Lines Chief Operating Officer. She holds a bachelor’s degree from Illinois State University and is a graduate of the Wharton School of Business’ Advanced Management Program, according to her bio at Progressive.
