The Florida Office of Insurance Regulation (OIR) granted Mangrove a certificate of authority on January 15, 2025, allowing the company to operate within the state. Mangrove has also been approved to participate in the April assumption of policies from Citizens Property Insurance Corporation.
The company has applied for a Financial Stability Rating from Demotech and plans to commence writing homeowners insurance policies for individuals outside of Citizens as soon as the rating is received.
Leading the company is Stephen Weinstein, a seasoned insurance executive with nearly two decades of experience at RenaissanceRe, where he served as General Counsel and Secretary. Mr. Weinstein possesses deep expertise in the Florida property insurance market and maintains active involvement in global and Bermuda reinsurance markets. He currently chairs Itasca Re Ltd., a Bermuda specialty reinsurer, and previously chaired the Bermuda Business Development Agency.
Mangrove’s entry into the Florida market marks a significant development, as it is the 10th new insurance company to enter the state since the implementation of recent insurance reforms. These new entrants have collectively contributed over $297 million in policyholder surplus, bolstering the stability and competitiveness of the Florida insurance market.
Speaking about the news, Stephen Weinstein said: “Smart legislative and regulatory reforms have stabilized Florida’s marketplace, giving us confidence to enter the market with new capital and capacity to help homeowners meet their property insurance needs. Just as mangroves protect Florida’s coastlines from erosion and storm surge, Mangrove Property Insurance Company is committed to being a permanent solution Floridians can turn to in protecting their property.”
Weinstein added: “As the third most populated state in the U.S., and one of the largest economies in the world, Florida is a special state to me and our company. We want to help enhance Florida’s financial and physical resiliency as it safely continues to grow.”