FL Citizens‘ New Clearinghouse Could Drive ~1% Organic Growth Tailwind For the Selected Broker in 2027

Research evidence excerpt

FL Citizens‘ New Clearinghouse Could Drive ~1% Organic Growth Tailwind For the Selected Broker in 2027

Equity Research

20 July 2026 | 5:00AM EDT

AMERICAS INSURANCE: BROKERS

FL Citizens’ New Clearinghouse Could Drive ~1% Organic Growth

Tailwind For the Selected Broker in 2027

As a result of Florida SB 1028, Citizens Property Insurance Corporation (FL property Robert Cox

+1(212)902-9813 | rob.cox@gs.com

insurer of last resort) is creating an Authorized (Admitted) Commercial Goldman Sachs & Co. LLC

Clearinghouse and a Surplus Lines Commercial Insurance Clearinghouse to help Jack Kendall

redirect current and prospective Citizens commercial property policies to the private +1(212)902-0331Goldman Sachs & Co.| jack.kendall@gs.comLLC

market. Although the process is more nuanced, the general objective of the Victoria Gong

clearinghouses is to attempt to place new and renewal policies in the admitted or +1(212)902-7254victoria.gong@gs.com|

surplus lines market at a price within 15% of Citizens’ price. Citizens is currently Goldman Sachs & Co. LLC

seeking administrators to operate both clearinghouses and released an

Invitation to Negotiate (ITN) on 7/1/26, with public announcement of intent to

award contract on 9/1/26 and plans for the clearinghouses to go live in January

2027. We expect brokers with significant wholesale operations, including

AJG/BRO/RYAN could likely respond to the Surplus Lines ITN, as the role could lead

to incremental market relevance and additional fees and commissions. Based on our

analysis of Citizens’ premiums and potential commission fee structures, we estimate

a ~$10-35mn combined fee & revenue opportunity for the Surplus Lines

Administrator in 2027, which could skew to the low end given time to ramp

operations.