Florida Revokes American Mobile Insurance Authority

The state regulator shut down the St. Petersburg-based insurer after determining it was financially impaired.

Updated on Oct. 20, 2026 in Insurance

Bold flat-color editorial illustration of a heavy geometric concrete block fragment, representing regulatory institutional failure. — The Florida Office of Insurance Regulation revoked the license of American Mobile Insurance Exchange following reports of significant financial impairment and failed reinsurance. AI Illustration. Upload story photo >

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The Florida Office of Insurance Regulation has revoked the certificate of authority for American Mobile Insurance Exchange, forcing the St. Petersburg-based company to cease operations. The state acted after the firm failed to secure adequate reinsurance for the 2024 hurricane season.

Why it matters

The shutdown stems from significant financial instability, including a $15 million net loss over three years. Regulators concluded the exchange lacked the necessary commitment to its Florida policyholders to continue serving the market.

The insurer reported a policyholder surplus of $15 million in April 2024, matching its $15 million net loss accumulated between 2021 and 2023. Meanwhile, American Traditions Insurance has since absorbed 8,000 policies formerly held by the exchange.

The players

Florida Office of Insurance Regulation

This is the state agency responsible for overseeing the insurance industry and protecting consumers in Florida.

American Mobile Insurance Exchange

This was a specialized insurer based in St. Petersburg that focused on mobile home coverage.

Mike Yaworsky

He serves as the Florida Insurance Commissioner and leads the office responsible for licensing and regulating insurance carriers.

American Traditions Insurance

This carrier is a regional property insurer that assumed 8,000 policies formerly held by American Mobile.

The details

Florida Insurance Commissioner Mike Yaworsky forced the surrender of the firm's license following an administrative supervision period that was extended six times. The company has since re-domesticated as Homebound Insurance Exchange in Texas to continue operations elsewhere.

2020: American Mobile Insurance Exchange launched operations.
2022: Hurricane Ian caused significant damage to mobile homes across Florida.
April 2024: The OIR placed the exchange under administrative supervision and Demotech withdrew its financial rating.
October 19, 2026: The Florida OIR revoked the company's certificate of authority.

Market Dynamics

The collapse follows a failure to meet the Florida hurricane season reinsurance mandate, which is a specific regulatory requirement for solvency. This action reflects the ongoing state effort to prune unstable carriers from a property market struggling with historical volatility.

Former policyholders have had their coverage transitioned to American Traditions Insurance to ensure continued protection. Those previously insured by the exchange should confirm their new policy details and premium structures with the successor carrier.

The takeaway

Maintaining adequate reinsurance is a critical regulatory pillar for insurers operating in states prone to catastrophic weather events. Policyholders should verify their current coverage status whenever a regulator intervenes in a carrier's financial operations.