Industry Insight: Florida OIR Ends American Mobile Exchange's Authority

Background: A Mobile Home Insurer's Rise and Exit

On Monday, October 19, 2026, Florida Insurance Commissioner Mike Yaworsky announced that the Office of Insurance Regulation (OIR) had forced American Mobile Insurance Exchange, a St. Petersburg-based reciprocal, to surrender its certificate of authority. The company launched six years ago and left the distressed Florida market two years ago. The surrender ends its authority to operate in the state.

Commissioner Yaworsky said in a statement: "Evasive companies that cancel all their policies and want to re-domesticate are not committed to Floridians and have no place in our state."

How American Mobile Got Here

American Mobile was launched in 2020 by K2 Insurance Services and Jeff LeGare, who later became CEO of Dallas-based Homebound Risk Managers. The Florida-only exchange offered coverage in a mobile home market that had historically been underserved. The state had been hit by hurricanes and by claims litigation that drove up premiums and led a number of property insurers to fail or leave Florida.

Early results looked promising. By early 2023, American Mobile held more than 7,200 policies in Florida with an average annual premium of $1,326.

The picture changed as reinsurance prices spiked, especially for mobile home insurers. Hurricane Ian, which damaged or destroyed mobile homes along Florida's southwest coast in 2022, added pressure.

Key Regulatory Milestones

• November 2023: Without complete reinsurance coverage, the company asked regulators for permission to pay $1 million in interest on a surplus note. OIR examiners said this would leave surplus dangerously impaired.
• Late 2023: The company threatened to leave Florida and re-domesticate. Regulators in other states declined to allow it, according to Commissioner Yaworsky.
• Before the 2024 hurricane season: The insurer began canceling hundreds of policies.
• Surplus decline: Policyholder surplus fell to roughly $15 million, barely above the Florida minimum. From 2021 to 2023, the company recorded a $15 million net loss, more than half of it in a single year.
• April 2024: OIR placed the exchange under administrative supervision. Its consent order warned that American Mobile would be unlikely to obtain adequate reinsurance for the 2024 hurricane season, that its surplus was projected to be impaired, and that its financial strength rating was at risk of being downgraded or withdrawn.
• 2024 to 2026: OIR extended the supervision period at least six times. Demotech, the rating firm, withdrew its earlier "A" rating.

What This Means for Public Adjusters

American Mobile no longer writes in Florida, so the surrender is unlikely to change many day-to-day claims. It still carries lessons for PAs who work with mobile home owners.

• Confirm the carrier's status. When a client reports a loss, verify the insurer's current authority and the policy in force on the date of loss. Former American Mobile policyholders may now be with a different carrier or in the surplus lines market.
• Watch for coverage gaps after non-renewal. A mid-season cancellation or non-renewal can leave an insured scrambling. Document the timeline of any cancellation notices carefully, because notice and timing issues can matter to a claim.
• Expect continued scrutiny of reinsurance. This case shows how reinsurance costs and gaps in reinsurance coverage can quickly threaten a small carrier's solvency, especially in a niche market.
• Preserve records. Clients who held policies with the exchange should keep policy documents, cancellation notices, and prior claim correspondence in case disputes arise over earlier losses.

Practical Takeaways

1. Check the carrier's licensing and the effective policy dates at intake.
2. Review any cancellation or non-renewal notices for compliance with Florida requirements.
3. Advise mobile home owners to compare replacement coverage carefully, since coverage terms and deductibles can differ significantly between carriers.
4. Keep photographs and inventories current, because losses involving manufactured housing often turn on valuation and age of the structure.

How Louis Law Group Can Help

Louis Law Group represents Florida policyholders in property damage disputes, including claims involving mobile and manufactured homes, delayed payments, underpayments, and denials. We work alongside public adjusters to document losses, evaluate coverage, and pursue fair recovery from carriers. If your client has a dispute with an insurer, or you need guidance after a carrier exits the market, call us at (833) 657-4812 for a consultation.

Source: Insurance Journal - Florida OIR Marks End to American Mobile, Which Briefly Served Stressed MH Market