Mangrove Property Insurance, a newly established player in the Florida insurance market, has been granted approval by the state’s Office of Insurance Regulation (OIR) to provide property and casualty (P&C) insurance.
The company, led by industry veteran Stephen Weinstein, aims to provide high-quality P&C coverage to residents across the state, positioning itself as a long-term player in Florida’s insurance sector, according to Life Insurance International.
“We are confident that our new capital and capacity will help homeowners meet their property insurance needs,” said Weinstein. “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.”
Mangrove has received the necessary certificate of authority from the OIR and is preparing to enter the competitive Florida market, which is known for its complex insurance needs.
The company plans to work with independent agents in all 67 counties in Florida, offering competitive rates to its customers.
Additionally, Mangrove is set to participate in the April assumption of policies from the Citizens Property Insurance Corporation, which will give it an opportunity to start serving policyholders immediately.
The company’s operational strategy includes a data-driven approach and a focus on catastrophic risk management.
This is particularly important in Florida, a state prone to hurricanes and severe weather conditions. By prioritising these areas, Mangrove intends to mitigate risks for its policyholders while providing affordable and reliable coverage.
To ensure its financial stability, Mangrove has applied for a Financial Stability Rating from Demotech and will begin writing homeowners coverage for policyholders who are not currently insured by Citizens Property once it secures the rating.
Weinstein also emphasised the company’s commitment to Florida, stating, “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.”
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