Florida’s Office of Insurance Regulation (OIR) approved Mangrove Property Insurance Company to provide property and casualty insurance to homeowners statewide, the company announced Monday.

Mangrove, a newly formed insurer led by industry veteran Stephen Weinstein, enters the market intending to increase competition and provide additional capacity in the state’s property insurance sector. The company will offer coverage through licensed independent agents across all 67 counties.

“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,” said Weinstein.

Mangrove his approved to participate in the April assumption of policies from Citizens Property Insurance Corporation, Florida’s state-run insurer of last resort. The company has also applied for a Financial Stability Rating from Demotech, Inc., which is required to begin offering policies beyond Citizens.

Per Weinstein, the company plans to focus on delivering actuarially sound rates backed by a data-driven approach to risk management. Mangrove will work with reinsurance broker GallagherRe and capital markets advisor Gallagher Securities to support its operations and stability.

“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,” Weinstein added.