Two Years in, Ortiz Steps Down as CEO of Florida Re

Alvaro Ortiz, the CEO of Tampa-based Florida Insurance and Reinsurance Co. since it was formed in 2024, has resigned from the fledgling company without a public explanation or indication of what comes next. “After careful consideration, I have made the important decision to resign from my position as chief executive officer of Florida Insurance and Reinsurance Company (‘Florida Re’), bringing to a close a meaningful and rewarding chapter in my professional journey,” Ortiz posted on his Linkedin page late last week. Ortiz Ortiz and other company officials could not be reached for comment over the weekend. Florida Re’s website continued to show Ortiz as CEO. Ortiz has almost 30 years in the insurance business in Florida, including leadership positions with Starlight Insurance, Frontline Insurance, Insurance Office of America, Everest Re and Liberty Mutual Insurance, according to his Linkedin profile. He was named CEO of Florida Re in July 2024, a year before the firm was granted a certificate of authority by Florida regulators. Florida Office of Insurance Regulation information and industry insiders suggest that Ortiz’ job situation and the company’s lack of growth in Florida may have had something to do with the state of the Florida condo market, where Florida Re’s business appeared to be partly focused. Although the homeowners’ line of business in the state has rebounded remarkably in recent years, following Florida legislative changes that stemmed excessive claims litigation, the condominium insurance market has not fared as well. Condo association premiums have spiked in recent years in the wake of the deadly 2021 Champlain Towers South collapse, and sales of condo units have fallen statewide. The OIR’s quarterly data show that Florida Re has not expanded much since it started, holding just 11 policies in the state in the first quarter of this year, and $3.9 million in total direct premium written. All of those policies were commercial residential. The firm also is authorized to write direct coverage for commercial multiperil, inland marine, fire, allied lines, and boiler and machinery policies, as well as reinsurance for multiple lines of insurance. Manoj Kumar (Florida Re) But the reinsurance market also may be in something of an interesting moment: Prices have fallen significantly in the last two years, the AM Best rating firm and others have reported. With no Florida hurricanes last year and few predicted for this season, reinsurance demand may have dropped. Florida property insurers, overall, also have seen much new competition recently. At least 20 new carriers, mostly startups, have entered the state since the 2022 legislative reforms were enacted. Despite that, Florida Re appeared to be in strong financial condition, at least in 2025. AM Best granted the firm an “A- Excellent” financial strength rating in December, and a similar credit rating. Florida Re is owned by Manoj and Naman Kumar, according to a 2025 OIR consent order. Manoj Kumar is CEO of MNK Group, the London-based holding company for at least seven reinsurance companies or managing general agents around the world. He could not be reached Sunday. In his Linkedin posting, Ortiz thanked the Kumars for their support throughout his Florida Re journey. “I am equally grateful to the entire Florida Re and MNK Group teams, as well as our colleagues, business partners, and friends throughout the industry,” the posting reads. Ortiz did not hint at his next career move. He may have options. Florida Department of Financial Services records show he is a licensed surplus lines and property-casualty insurance agent, appointed with a few carriers. Related: Condo Insurance Market Starting to Stabilize, 5 Years After Surfside Collapse Topics Florida Numbers