A New Approach: Florida Agents Association Makes Big Investment in Startup Insurer

The Florida Association of Insurance Agents, the largest agent group in the state, has taken the unprecedented step of investing in a startup insurance carrier, a move designed to help keep agents in the game and bring more capacity to the Florida market.

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Officials would not reveal the dollar amount of the investment, but executives with FAIA and with Sypher Insurance, the tech-heavy reciprocal homeowners insurer that plans to launch later this year, called it “impactful” and “significant.” FAIA will be a minority investor in Sypher, which aims to raise at least $35 million before its November launch date.