Small insurers wielding bigger clout

Within the past 18 months, 14 new insurance companies have been licensed to sell homeowners policies in Florida, denting the perception that business is locked up by a handful of large underwriters like State Farm, Allstate, Nationwide and the state-run Citizens Property Insurance. These new firms have a total of $265 million in capital, and many of them focus on underserved niches. Some got started by taking advantage of a surplus capital build-up program that the state started in 2006. Others attracted capital outside Florida, such as American Coastal Insurance, which has the backing of Branch Banking & Trust in North Carolina.