Fact Sheet
Fact Sheet
ABOUT MANGROVE PROPERTY INSURANCE COMPANY (MANGROVE):
Mangrove was established with the strategic vision of providing sustainable, long-term P&C solutions tailored to Florida’s unique market, and is designed to meet the evolving needs of policyholders and independent agents while fostering market stability and resilience.
FLORIDA REGULATORY APPROVAL:
The Florida Office of Insurance Regulation approved Mangrove’s certificate of authority to provide P&C coverage in Florida on January 15, 2025. It has been approved to participate in the April assumption of policies from Citizens Property Insurance Corporation.
MANGROVE’S LEADERSHIP:
Insurance and financial services industry expert Stephen Weinstein serves as Mangrove CEO, Allan Franklin, CPA, CFE, is Chief Financial Officer and Treasurer, and a diverse group of professionals serve on the Board of Directors.
Stephen Weinstein:
An insurance and reinsurance executive with an extensive background in Florida’s property insurance markets. For almost two decades Weinstein served as a senior executive and executive committee member with one of the world’s largest reinsurance companies, with a particular emphasis on the Florida market. In that capacity he served on numerous boards including the Florida Chamber of Commerce, Florida Insurance Council, Associated Industries of Florida, and R Street Institute. Weinstein continues to be involved in the global and Bermuda reinsurance markets which are critical to the stability of the Florida market, serving as chair of Itasca Re Ltd., a Bermuda specialty reinsurer, as chair of the Bermuda Institute of Ocean Sciences, and is the immediate past chair of the Bermuda Business Development Agency.
Allan Franklin, CPA, CFE:
Franklin is a Certified Public Accountant and Certified Fraud Examiner with over 15 years of diverse accounting and leadership experience in Florida, most recently serving in increasing positions of authority in finance and accounting leadership roles at a Florida-focused insurance group attentive to the homeowner’s market. His experience also spans multiple industries in the public and private sectors.
Board of Directors:
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- David A. Hart: Sixth generation Floridian with a professional background that spans public service in Florida and in Washington, DC, private sector experience in the real estate development and homebuilding sector and c-suite leadership in non-profit corporations in Florida and abroad. For more than a decade, Hart served as Executive Vice President of Government Affairs & Political Operations at the Florida Chamber of Commerce, and more recently, served as the CEO of the Bermuda Business Development Agency.
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- Andrew M. Endicott: A financial-technology entrepreneur and venture capital investor, and co-founder and general partner of Gilgamesh Ventures
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- Bartholemew T. Zanelli: Bart is a 30-year investment banker specializing in the insurance and reinsurance industry.
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- Anne S. Carmignani: An accomplished financial, strategy and operations executive, whose experience includes tenures at PriceWaterhouseCoopers Consulting and Cablevision. She’s now a not-for-profit company director and investor.
FLORIDA FOCUSED.
Florida is a special state for Mangrove’s leadership, and they want it to remain a beautiful state for generations to come. They are committed to delivering efficient, customer-centric services through partnerships with local independent agents in all 67 Florida counties. Mangrove’s disciplined, data-driven approach will provide homeowners with actuarially sound, competitive rates that are steeped in strong catastrophic event risk management.
PARTNER TO INDEPENDENT AGENTS.
Florida’s independent agents are intrinsic to the stability of the Florida’s homeowners’ market and have helped the market weather both meteorological and man-made storms. Mangrove is dedicated to the independent agent channel, and building a roster of outstanding, stable relationships to better serve our joint customer, Florida homeowners.
FINANCIAL STRENGTH.
Mangrove plans to operate as a permanent franchise in the Florida market. Building on the relationships of its founders, its investments in data capture and transparency, its partnership ethos, and its strategic, long-term focus, Mangrove plans to invest in reinsurance and risk transfer protection at levels which will set a new standard in Florida.
A CLEAN BALANCE SHEET.
A new entrant, Mangrove has no legacy exposures, or lingering complexities from past periods to manage. Together, we can focus on your future.
INVESTMENTS IN TECHNOLOGY.
Mangrove has made substantial investments in systems, data and analytical tools to support its underwriting, and to support its agency partners with nimble, rapid, point of sale tools.
RISK MANAGEMENT:
Mangrove’s comprehensive risk management strategy is designed to enhance financial strength, protect policyholder surplus and ensure longevity. Mangrove is committed to being a permanent solution Floridians can turn to in protecting their property.
EMPLOYMENT OPPORTUNITIES:
Mangrove is actively seeking, and is in active discussions with, expert, high integrity insurance professionals to help lead its operations. Mangrove is building a lean, collaborative culture with a foundation of experience across Florida’s property insurance market cycles.
FINANCIAL STRENGTH RATING:
Mangrove has applied for a Financial Stability Rating® from Demotech, Inc., and plans to begin writing homeowners coverage for policyholders outside of Citizens Property Insurance Corporation as soon as possible after receipt of that rating.
HOW TO SECURE MANGROVE P&C COVERAGE:
Homeowners will soon be able to apply for Mangrove coverage by connecting with a Florida licensed independent insurance agent appointed to represent Mangrove. For more information about Mangrove Property Insurance Company, please visit Mangrove-FL.com.