Mangrove receives approval to provide P&C insurance in Florida

Mangrove Property Insurance Company, a newly formed Florida insurer, has been approved by Florida’s Office of Insurance Regulation to provide property and casualty insurance to Florida homeowners.

The OIR approved Mangrove’s certificate of authority to provide P&C coverage in Florida on January 15, 2025. In addition, Mangrove has 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 begin writing homeowners coverage for policyholders outside of Citizens as soon as possible after receipt of that rating.

Mangrove is led by Stephen Weinstein, a former general counsel at RenaissanceRe.

“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. 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.” – Stephen Weinstein, Mangrove’s CEO.