What FCBI Fund does

FCBI Fund (legal name: Florida Citrus, Business & Industries Fund) is a Florida-domiciled, policyholder-owned group self-insurance fund that writes workers' compensation insurance. Founded in 1977 under the auspices of the Florida Citrus Packers to serve citrus packers when conventional carriers were retreating from the market, the Fund was renamed in 1999 and broadened its underwriting guidelines to encompass construction, retail, and service industries. Today it serves approximately 6,500 member policyholders through an exclusive distribution channel of over 600 independent insurance agents across Florida, with each policyholder holding an ownership stake in the Fund.

The core product is the FCBI Fund workers' compensation policy, which is distributed and underwritten on the spot by licensed professionals working in-office and in the field. Ancillary service modules include loss prevention and safety consulting (OSHA training, job-site inspections, certified safety experts handled by USIS), claims management administered through USIS, Inc. under a 19+ year relationship, and premium audit services for year-end payroll verification. Technology is concentrated in the FCBInow! portal (launched 2025), which provides policyholders and agents with online payroll reporting, premium payments, and policy management, supplemented by an automated phone payment system; the portal is built on an Insurity-hosted platform (https://fcbi-prod.wcs.insurity.com/Portal) rather than proprietary infrastructure.

The business model is built on workers' compensation premium revenue priced on annual estimated payroll, with adjustments via year-end audits — a recurring, quasi-subscription model tied to policyholder payroll base. Premium dollars are largely consumed by claims and reserves, so the size metric of consequence is gross written premium ($75mm) and statutory capital ($147mm admitted assets, $69mm surplus, 0.92 net writing ratio). Distribution is 100% indirect through appointed independent agents, and there is no direct-to-consumer or broker-of-record channel. The most significant recent growth event is the August 2024 acquisition of MidSouth Mutual Insurance Company, a Tennessee-based workers' compensation carrier that was demutualized into a wholly owned subsidiary, extending FCBI's footprint from Florida to 16 states across the South and Midwest and adding a homebuilder/contractor vertical.

Name

FCBI Fund

Legal name

Florida Citrus, Business & Industries Fund

Website

https://fcbifund.com

Company type

Private

Founded year

1977

Operating status

Operating

Headcount range

11–50 employees

Short description

FCBI Fund is a Florida-domiciled, policyholder-owned group self-insurance fund providing workers' compensation insurance to approximately 6,500 member businesses across construction, citrus, retail, and service industries via over 600 independent agents.

Ownership category

akta.pro rank

Product category

Workers' Compensation Insurance

NAICS

Direct Insurance (except Life, Health, and Medical) Carriers (52412)

SIC

Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Mid-Market Commercial Package (Package Policies) (FSAJAFAB)

akta.pro secondary industry

Small Business BOP (Main Street) (FSAJAFAA)

Keywords

• Workers compensation insurance
• Group self-insurance fund
• Payroll-based premium audit
• Independent insurance agents
• Loss prevention services

Headquarters

HQ city

Orlando

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Workers' Compensation Insurance Premiums: FCBI generates revenue through workers' compensation insurance premiums paid by policyholders. Premium is based on annual estimated payroll and verified through payroll audits at year-end.
2. Premium Audits: Final premium is determined based on actual payroll versus estimated payroll, with adjustments made during annual audits.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

FCBI Fund is a group self-insurance fund providing workers' compensation insurance coverage to approximately 6,500 member policyholders, primarily small and mid-sized Florida businesses across construction, retail, service, and agricultural industries. Coverage is sold exclusively through more than 600 independent insurance agents, with underwriting decisions made on the spot by licensed professionals in-office or in the field, and is supported by loss control services, claims management (via USIS), payroll-based premium audits, and the FCBInow! online portal for payments and reporting.

Product overview

FCBI Fund operates as a group self-insurance fund providing workers' compensation insurance primarily to Florida businesses. The core product is the FCBI Fund workers' compensation policy, which is distributed through over 600 independent agents. In August 2024, FCBI acquired MidSouth Insurance Company as a subsidiary, expanding operations to 16 states total. Policyholders and agents access services through the FCBInow! online portal for payments, payroll reporting, and policy management. Additional service modules include Loss Prevention/Safety Services (inspections, OSHA training, safety consultations), Claims Management (via third-party administrator USIS), and Premium Audit Services for payroll verification. The company also offers co-branded safety content, policy forms, and compliance resources to its agent partners.

Differentiator

Problem solved

Functional benefit

Products and services

• FCBI Fund Workers' Compensation Insurance Group self-insurance fund policy providing workers' compensation coverage to approximately 6,500 member policyholders (Florida SMB and mid-market employers) across construction, retail, service, and agricultural industries, distributed through 600+ independent agents.
• MidSouth Insurance Company Workers' Compensation Coverage Workers' compensation insurance coverage offered through FCBI's Tennessee-based subsidiary MidSouth Insurance Company, serving homebuilders, contractors and businesses across Tennessee and 15 additional states in the South and Midwest.
• Premium Audit Services Payroll-based premium audit services to verify actual annual payroll for officers, employees, subcontractors, and casual laborers; includes classification review and audit dispute resolution.
• Claims Management Services Workers' compensation claims handling and work-related injury reporting administered through USIS, Inc., including injury reporting procedures, medical facility referrals, and safety consultation services.
• Loss Prevention / Safety & Loss Control Services Safety inspections, specialty training certifications (OSHA 10hr/30hr, forklift training, safe driver training), and loss prevention consulting services designed to lower policyholders' experience modification and reduce workers' compensation costs.

Quantifiable outcome

• 0.92 to 1 net writing ratio
• +4 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Five partnerships are on record, tiered core and minor.

• MidSouth Mutual Insurance CompanycoreOEM/ Whitelabel/ Licensing Partner · 21 August 2024FCBI acquired MidSouth Mutual Insurance Company, a Tennessee-based company. The carrier was demutualized and renamed MidSouth Insurance Company. MidSouth Insurance Company now operates as a subsidiary of FCBI, extending FCBI's market reach to Tennessee and 15 additional states across the South and Midwest.
• USIS, Inc.coreStrategic or Co-development PartnerUSIS has professionally managed claims and loss control for FCBI for over 19 years. USIS provides safety consultation services, job-site consultations with certified safety experts, and handles claims reporting and adjustment.
• Kids' Chance of FloridaminorGTM or Marketing PartnerFCBI partners with Kids' Chance of Florida to provide educational scholarships to children of critically and fatally injured workers. FCBI hosts annual virtual auctions and fundraisers, has established the FCBI Jerry Livingston Memorial Scholarship, and is recognized as a Scholarship Level Partner.
• One Heart for Women and Children, OrlandominorOthersFCBI and MidSouth Insurance Company donate needs and support to One Heart, Orlando, a charitable organization serving women and children in the community.
• Florida Citrus PackerscoreStrategic or Co-development PartnerOriginal founding trade association representing the 'fresh market' segment of the citrus industry. FCBI was originally established under the auspices of Florida Citrus Packers in 1977 to meet workers' compensation insurance needs for citrus packers and those associated with the industry.

Scale indicators8 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Zenith Insurance Company: Specialty workers' compensation carrier with a focus on California and agricultural employers. Comparable to FCBI's mono-line workers' comp focus and agricultural industry roots, though operating at much larger scale and primarily on the West Coast.
• Employers Holdings (EIG): Specialty workers' compensation insurer focused on small and mid-market businesses. Closely comparable to FCBI in target customer, mono-line workers' comp focus, and geographic concentration, with similar agent-distribution model.
• MEMIC (Maine Employers' Mutual Insurance Company): Mutual workers' compensation carrier with strong regional focus. Directly comparable to FCBI's group self-insurance fund model and mid-market employer focus, though operating primarily in the Northeast.
• FCCI Insurance Group: Mutual insurance company writing workers' compensation, commercial auto, and property for commercial risks, with strong construction industry concentration. Closely comparable to FCBI's mutual structure, Florida presence, and construction-heavy book.
• Builders Mutual Insurance Company: Workers' compensation specialist focused on the construction industry, particularly homebuilders. Comparable to FCBI in the construction vertical, mono-line workers' comp focus, and mutual-like structure, though concentrated in the Carolinas and Mid-Atlantic.

Others

• USI Insurance Services: Large national insurance brokerage and risk advisory firm. Comparable to FCBI's distribution model as USI works with regional carriers like FCBI to place workers' comp for commercial clients, though USI is a broker rather than a carrier.

Broad incumbents

• AmTrust Financial Services: Large national workers' compensation and small commercial insurance carrier. Highly comparable to FCBI because both write workers' comp with a focus on small and mid-market employers, though AmTrust operates at materially greater scale across all 50 states.
• Accident Fund Holdings: Multi-state workers' compensation carrier owned by AF Group. Comparable to FCBI in its workers' comp specialization and agent distribution model, but operates across multiple states at meaningfully greater scale.

Regional players

• Bridgefield Employers Insurance Company: Florida-focused workers' compensation carrier. Direct competitor to FCBI in the Florida workers' comp market, with similar small and mid-market employer focus and agent distribution model.
• Texas Mutual Insurance Company: Texas state-funded workers' compensation carrier. Comparable to FCBI in its mono-line workers' comp focus and policyholder-centric mutual structure, but operating in Texas rather than Florida with substantially greater scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about FCBI Fund