Insurance Journal

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

Sypher

April 4, 2024

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.

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.

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