The Florida Office of Insurance Regulation has granted Mangrove Property Insurance Company the green light to expand its operations. The company, led by seasoned Bermuda market veteran Stephen Weinstein, is now authorized to assume policies from Citizens Property Insurance Corporation, with the process commencing in June.
This approval marks a further step in Mangrove’s partnership with Citizens. The company is also actively involved in the April assumption of Citizens policies. With the recently approved expansion, Mangrove is now authorized to manage up to 81,000 Citizens policies, encompassing both Homeowners (HO) and Dwelling Property (DP) coverage.
Having received approval earlier this year from the OIR to provide property and casualty insurance to Florida homeowners, Mangrove attributes its ability to bring more capital to the market to recent legislative and regulatory reforms that have stabilized the state’s insurance environment. This improvement in market conditions was a key factor in the company’s decision to bring new capital to Florida’s property insurance market.
Mangrove is one of eleven new insurers to enter the market following these legislative reforms. Based in St. Petersburg, the company will offer coverage through licensed independent agents across all 67 Florida counties. These new companies are contributing approximately $300 million in policyholder surplus, which will support additional growth in the state’s property market.
Mr. Weinstein, CEO of Mangrove, expressed his enthusiasm for the expanded opportunity: “Thanks to improving market conditions, and armed with a Financial Stability Rating of A, or Exceptional, from Demotech, Inc, a strong initial capital base and a seasoned leadership team, 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,” he said. “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 programme 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.”
A key priority for Mangrove is collaborating with existing independent agencies on policies transferred from Citizens. Thousands of Florida-licensed independent insurance agents have already signed up with Mangrove for the Citizens program. The June approval allows more time for additional independent agents to connect their Citizens policyholders with Mangrove’s coverage options.
Mangrove plans to begin offering new homeowners’ coverage on a voluntary basis outside of Citizens in the near future.
