These are the 2 new insurance carriers in Florida

WEST PALM BEACH, Fla. — Two more property and casualty insurers have been approved to operate in Florida.

Chief Financial Officer Blaise Ingoglia and Insurance Commissioner Mike Yaworsky announced that Stand Insurance Exchange and Praxis Reciprocal Exchange have entered the Florida insurance market.

Stand Insurance Exchange is based out of Tallahassee and Praxis Reciprocal Exchange is based out of Tampa. Both are approved to write insurance in Florida for fire, homeowners multi-peril, allied lines, inland marine, and other liability, the Florida Office of Insurance Regulation said in a news release.

The companies mark the 16th and 17th insurers to enter the market since Florida’s legislative reforms in recent years.

"When new companies enter the insurance market, they create more competition in the marketplace for the business of Florida homeowners and, therefore, help to drive down insurance rates," Ingoglia said in a news release.

The Florida Office of Insurance Regulation said that both Stand and Praxis plan to take out 25,000 Citizens Property Insurance policies each this December in an effort to depopulate.