Mangrove Property Insurance secures top financial rating as it enters Florida market

by | Feb 3, 2025

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Mangrove Property Insurance Company received a Financial Stability Rating of ‘A, Exceptional,’ from Demotech, Inc., signaling strong financial footing as it enters Florida’s property insurance market.

The rating, announced Monday, reflects Mangrove’s perceived ability to meet policyholder obligations and maintain surplus and liquidity in a challenging industry. Demotech, an Ohio-based financial analysis firm, assesses regional insurers based on capital reserves, financial leverage, loss reserves, and pricing strategies. An ‘A, Exceptional’ rating indicates that an insurer is well-capitalized, carries sufficient reinsurance protections, and follows disciplined underwriting practices.

“Across my career, Demotech has been a leader in the Florida marketplace,” said Stephen Weinstein, Mangrove’s chief executive officer. “We’re honored to earn this exceptional rating and believe it reflects our strategy of building a permanent franchise in the Florida marketplace, committed to exceptional underwriting and claims service, and backed by robust capital and reinsurance protections. In partnership with leading independent agents and our other partners, Mangrove is committed to fostering financial and physical resilience in Florida and helping our policyholders build back better after a loss.”

Mangrove was approved by Florida’s Office of Insurance Regulation on Jan. 27 to provide property and casualty coverage statewide. Led by industry veteran Weinstein, the company will offer policies through independent agents and is set to participate in the April assumption of policies from Citizens Property Insurance Corporation, the state-backed insurer of last resort. The company will offer coverage through licensed independent agents across all 67 counties. Mangrove is also 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 partnered with reinsurance broker GallagherRe and capital markets advisor Gallagher Securities to support its financial stability. Mangrove’s leadership aims to position the company as a long-term player in the state’s insurance market, emphasizing risk management and financial resilience as it prepares to begin offering policies.

“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,” Weinstein said.

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