Florida Peninsula Managers rebranding to Windward Risk Managers
Florida Peninsula Managers rebranding to Windward Risk Managers | Insurance Business America
Insurance News
Florida Peninsula Managers rebranding to Windward Risk Managers
It is the fourth-largest writer of homeowners in the state
Insurance News
By
Kenneth Araullo
Homeowners managing general agency (MGA) Florida Peninsula Managers has announced a rebrand, changing its name to Windward Risk Managers. The decision marks a strategic shift as the agency looks to broaden its scope and address new challenges in the insurance market.
“We are prepared to take on new challenges and expand our reach,” said President Clint Strauch in a statement.
Windward Risk Managers will continue to provide management services for its carrier partners, including Florida Peninsula Insurance Co., Edison Insurance Co., and Ovation Home Insurance Exchange. Florida Peninsula Group, which ranks as the fourth-largest writer of homeowners insurance in Florida, will remain a key focus for the agency.
Earlier this year, Strauch indicated that Florida Peninsula planned to implement a 2% rate reduction for homeowners and condominium policies at midyear, citing signs of stabilization in the state’s insurance market.
Ovation Home Insurance Exchange, which entered the Florida market in 2024, operates under the management of Ovation Risk Managers, led by Florida Peninsula Insurance Co. Chief Executive Officer Paul Adkins, who serves as its attorney-in-fact.
In 2022, the top five writers of homeowners multiperil insurance in Florida, based on direct premiums written, were: Citizens Property Insurance Corp. with an 18.57% market share; Universal Insurance Holdings Group at 8.47%; State Farm Group with 6.88%; Florida Peninsula Group at 4.88%; and Tower Hill Group with 4.35%, according to AM Best.
In other news for the state, the Florida Office of Insurance Regulation (FLOIR) has recently approved Trident Reciprocal Exchange as the ninth new property insurance carrier to enter the state since 2023.
Trident received authorization on June 31 to write fire and homeowners multiperil policies, according to an order from Insurance Commissioner Michael Yaworsky.
Meanwhile, it was also revealed that Hurricane Debby caused an estimated $89.5 million in insured losses, according to preliminary data submitted by carriers to the Florida Office of Insurance Regulation (FLOIR).
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