Florida FCCI moves into excess and surplus market Oct. 1

Sarasota-based FCCI Insurance Group will soon begin writing excess and excess lines across much of the country, the carrier announced this week.

Insurance agents in Florida, Georgia and Texas can refer general liability and commercial excess business to FCCI Specialty Insurance Co. starting October 1. By the first quarter of 2025, agents in the Midwest, Mid-Atlantic and Gulf Coast regions can submit those coverages, according to a news release.

Company management has not said what prompted FCCI to enter the surplus and excess lines business at this time, but the market is growing rapidly as primary carriers have raised premiums or reduced exposure in several states. In Florida, in particular, the market for commercial surplus lines coverage has grown — from $4.8 billion in written premiums in 2022 to nearly $7 billion in 2023, the Florida Surplus Lines Service Bureau reported.

The share of excess lines in the Florida property insurance market increased significantly, from 30% in 2018 to 36% last year. Much of that growth was in high-end property coverage, FSLSO said.

FCCI was founded in 1959 and provides commercial property and casualty insurance, including workers’ compensation, auto and inland marine, as well as risk control and surety services. The firm said it writes through 551 contracted agencies and 3,839 independent agents in 20 states.

At the end of 2022, FCCI held just 237 commercial and excess policies in Florida, the state Office of Insurance Regulation reported.

Cina Welch is president and CEO of FCCI Insurance Group.

TOPICS
Florida Surplus