Mangrove Property Insurance Assumes 30,000 Policies from Citizens
Mangrove Property Insurance has taken over 30,000 policies from Florida’s Citizens Property Insurance Corp., effective April 15, 2025. This move is part of Florida’s ongoing efforts to reduce the size of its insurer of last resort. The Florida Office of Insurance Regulation had previously authorized Mangrove to assume up to 81,040 policies between April and June.
Mangrove reported an acceptance rate of 86.4% for the April cycle and plans to follow a similar strategy during the June assumption period. The company, established in January 2025 and headquartered in St. Petersburg, received its certificate of authority from the Florida Office of Insurance Regulation on January 15, allowing it to offer property and casualty insurance statewide.
“Our approach in this cycle was driven by data analytics and portfolio structuring experience,” said Stephen Weinstein, founder and CEO of Mangrove Property Insurance. “We focused on policies we believe can be underwritten on an actuarially sound basis within 20% of Citizens rates and limited our reweighting to reflect our commitment to statewide diversification and exposure management.”
Under Florida rules, private insurers must offer coverage priced no more than 20% higher than Citizens’ rates to assume policies. Citizens policyholders who receive multiple private-market offers are assigned to the insurer with the lowest estimated premium if they don’t make a selection before the deadline.
This latest development continues Florida’s efforts to depopulate Citizens. In 2023, private insurers were approved to assume up to one million policies from Citizens, with about 407,643 policies transitioning to the private market. By the end of 2024, over 428,000 policies had been moved off Citizens’ books. As of mid-March 2025, Citizens reported 851,210 policies in force, down from 936,182 at the end of 2024.
Mangrove Property Insurance is backed by Gallagher Re as its reinsurance broker and Gallagher Securities as its capital markets advisor. The company’s swift expansion is part of a broader trend in Florida’s insurance market, where private insurers are increasingly taking on policies from the state’s insurer of last resort.
