News | Port St. Lucie

Praxis Reciprocal Exchange Receives Florida OIR License

September 23, 2025
10:03 am

Praxis Reciprocal Exchange has received its certificate of authority from the Florida Office of Insurance Regulation (OIR), marking its official entry as a new property insurer in Florida. The approval allows Praxis Reciprocal Exchange to begin offering insurance policies to homeowners across the state in the coming months, joining other insurers that are reshaping the market with initiatives such as historic rate cuts for Florida homeowners.

Praxis Reciprocal Exchange Gains Approval from Florida OIR

The main keyword, Praxis Reciprocal Exchange, is central to this development in Florida’s insurance sector. According to the Florida Office of Insurance Regulation, Praxis Reciprocal Exchange (PRE) is now licensed to operate as a reciprocal insurer. This structure means the company is owned by its policyholders and managed by Pre Risk Management, LLC as its Attorney-in-Fact.

PRE was established with the goal of providing stability, choice, and long-term commitment to homeowners and communities throughout Florida. The company plans to begin issuing policies soon, according to official sources.

How Praxis Reciprocal Exchange Operates as a Reciprocal Insurer

Praxis Reciprocal Exchange is structured to prioritize policyholder interests. As a reciprocal insurer, PRE aligns its financial results and governance directly with those it insures. This model is designed to create transparency, accountability, and alignment in decision-making, especially as Florida property insurance companies see profits surge and the market evolves.

According to PRE, policyholders are the owners of the company, and all major decisions are made with their interests in mind. Pre Risk Management, LLC manages the day-to-day operations as Attorney-in-Fact.

Leadership and Industry Experience

The leadership team at Praxis Reciprocal Exchange brings over 75 years of combined experience in the Florida property insurance market. Their expertise covers agency distribution, underwriting, claims management, and reinsurance, according to company information.

Jennifer Gravelle, President and Chief Financial Officer of Pre Risk Management, LLC, stated that Praxis Reciprocal Exchange was created to address the unique challenges facing Florida’s property market. Gravelle emphasized a focus on experience, financial strength, and a policyholder-first approach, according to official company statements.

Technology and Strategic Partnerships

PRE is supported by advanced technology provided by Exzeo and strategic advisory from Aon Reinsurance Solutions. The company has secured strong capital support and reinsurance partnerships to ensure sustainable coverage options for Florida homeowners.

According to PRE, these partnerships and technology platforms are designed to improve efficiency and service for policyholders. The company aims to deliver innovative products and responsive customer service as it enters the Florida insurance market.

Goals for Florida Homeowners and Communities

Praxis Reciprocal Exchange was established to support the overall resiliency of Florida’s insurance marketplace. The company intends to offer new choices for property insurance, with a long-term commitment to residents and communities. Recent rate cuts from Florida Peninsula Insurance signal relief for homeowners, and PRE aims to further enhance options for policyholders seeking stability.

Richard Ficca, Vice President of Distribution and Agent Relations, highlighted that launching a new insurer in today’s environment is challenging. Ficca stated that the reciprocal model ensures policyholders are at the center of every decision, according to official company communications.

Policyholder Benefits and Governance

As a reciprocal insurer, PRE offers several potential benefits to policyholders:

Ownership stake in the insurer
Transparency in financial results and governance
Alignment between insurer and policyholder interests
Potential for responsive service and innovative products

According to PRE, this structure is intended to create a more stable and accountable insurance provider for Florida homeowners.

Industry Context: Florida’s Property Insurance Market

Florida’s property insurance market has faced significant challenges in recent years, including hurricane risks, litigation costs, and insurer insolvencies. The entry of Praxis Reciprocal Exchange comes at a time when many homeowners are seeking new options for reliable coverage.

According to the Florida Office of Insurance Regulation, new carriers like PRE are expected to help increase stability and competition in the state’s insurance sector. Details may be updated as the company begins operations and offers products to the public.

Regulatory Oversight and Future Developments

Praxis Reciprocal Exchange will be subject to ongoing oversight by the Florida Office of Insurance Regulation. The company must comply with all state requirements for solvency, claims handling, and consumer protection.

According to a preliminary report from the OIR, PRE’s certificate of authority was granted following a review of its business plan, capital backing, and reinsurance arrangements. Further updates may be provided as PRE launches its products and expands its presence in Florida.

Frequently Asked Questions About Praxis Reciprocal Exchange

What is Praxis Reciprocal Exchange?

Praxis Reciprocal Exchange is a newly licensed property insurer in Florida. It operates as a reciprocal insurer, owned by its policyholders and managed by Pre Risk Management, LLC.

How does a reciprocal insurer like Praxis Reciprocal Exchange work?

A reciprocal insurer is owned by its policyholders, who share in the company’s financial results. Decisions are made with the interests of policyholders as the top priority.

Are policies from Praxis Reciprocal Exchange available in Port St. Lucie?

Praxis Reciprocal Exchange plans to offer policies throughout Florida, including Port St. Lucie. Availability will depend on the company’s rollout and regulatory approvals.

Can you buy homeowners insurance from Praxis Reciprocal Exchange now?

According to official sources, Praxis Reciprocal Exchange expects to begin offering policies in the coming months. Interested homeowners should check with the company for updates on availability.