TAMPA, Fla. (WFLA) — After a year that saw a number of insurers leave or pull back in Florida, the Florida Office of Insurance Regulation (OIR) announced Wednesday that eight new insurers have been approved to enter the state’s market and start writing home insurance policies.

The eight new companies include Ovation Home Insurance Exchange, Manatee Insurance Exchange, Condo Owners Reciprocal Exchange, Orange Insurance Exchange, Orion180 Select Insurance Company, Orion180 Insurance Company, Mainsail Insurance Company and Tailrow Insurance Companies.

Many Floridians have seen insurance premiums skyrocket as a stream of insurers exits the state’s market. The hikes are primarily driven by factors including extreme weather events and excessive litigation.

During the 2022 and 2023 legislative sessions, Florida lawmakers passed a number of reforms designed to limit lawsuits and stabilize the market.

Regulators have also continued efforts to shrink Citizens Property Insurance Corp., the state’s property insurer of last resort, as the federal government investigates the company’s solvency amid concerns about “possible future requests for a federal bailout.”

According to the OIR, Citizens “is showing improvement in their financial strength over the previous years.” The company’s surplus increased by about 17.5% from previous years with a net income in 2023 of $746 million compared to a loss of $2.2 billion in 2022.

“Florida’s insurance market continues to strengthen, showing signs recent legislation is having positive impacts to the property insurance market,” Florida Insurance Commissioner Michael Yaworsky said in a statement. “OIR remains steadfast in our efforts to stabilize Florida’s insurance market by implementing legislative reforms and recruiting more insurers to the state. We look forward to continuing this work and promoting a competitive market for policyholders.”