Florida Insurer Mangrove 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, as part of the state’s ongoing efforts to reduce 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, officially incorporated on January 9 this year and headquartered in St. Petersburg, received its certificate of authority from the Florida Office of Insurance Regulation on January 15.
“Our approach in this cycle was driven by data analytics and portfolio structuring experience,” said Stephen Weinstein, founder and CEO of Mangrove Property. “We focused on policies that 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 a policy. 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 move continues Citizens’ depopulation efforts. Last month, the OIR approved three private insurers to assume up to 135,540 personal residential multiperil policies from Citizens. In 2023, private insurers received approval to assume up to one million policies from Citizens, with approximately 407,643 policies transitioned to the private market. By February 2025, Citizens’ policy count had dropped to approximately 844,688, marking the lowest total in nearly three years.
Mangrove collaborates with Gallagher Re as its reinsurance broker and Gallagher Securities as its capital markets advisor to support its operations. The company’s assumption of 30,000 policies is part of the ongoing trend of reducing Citizens’ size, with over 428,000 policies moved off Citizens’ books through take-out offers as of the end of 2024.
