Mangrove Property Insurance, a St. Petersburg-based company, is preparing to absorb thousands of homeowner policies from Citizens Property Insurance, Florida’s insurer of last resort, after receiving approval from the Florida Office of Insurance Regulation in January.
Approved between April and June of 2025, Mangrove is authorized to take on up to 81,000 homeowner and dwelling property policies through this process. The objective is to alleviate the burden on Citizens Property Insurance, which has seen a surge in policies in recent years, according to a statement released by company leadership.
“We’re pleased to continue to partner with Citizens Property Insurance policies and Florida’s independent agents to provide private market solutions for eligible homeowners,” said Stephen Weinstein, Mangrove’s CEO. “Mangrove is determined to be a long-term, stable property insurance solution. We will approach the June assumption consistently with our approach in April and our planning for our voluntary program launch, combining robust underwriting, a long-term ethos, and a commitment to high levels of service. We are well positioned to be a meaningful source of new capacity in 2025.”
Mangrove Property Insurance was founded in St. Pete by CEO Stephen Weinstein.
