Mangrove plans to work with independent agents across all 67 counties in Florida, offering “competitive rates” to its customers. Credit: Bilanol/Shutterstock.

Mangrove Property Insurance, a new player in the Florida insurance market, has received approval from the state’s Office of Insurance Regulation (OIR) to provide property and casualty (P&C) insurance.  

Industry veteran Stephen Weinstein will lead the company, which aims to deliver “high-quality” P&C coverage throughout the state and become a “long-term franchise player”. 

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Mangrove’s approach includes leveraging a data-driven strategy and focusing on catastrophic risk management. 

Mangrove plans to work with independent agents across all 67 counties in Florida, offering “competitive rates” to its customers. 

The company received the certificate of authority from the OIR and has been authorised to participate in the April assumption of policies from the Citizens Property Insurance Corporation.  

As part of its operational readiness, Mangrove has applied for a Financial Stability Rating from Demotech.  

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The company intends to commence writing homeowners coverage for policyholders who are not currently insured by Citizens Property once it secures this rating.  

Weinstein has acknowledged partners in the launch, including GallagherRe as the reinsurance broker and Gallagher Securities as the capital markets advisor, and sole structuring and placement agent. 

Weinstein said: “Smart legislative and regulatory reforms have stabilised 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 US, 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.”