Mangrove Approved to Assume Additional Florida Citizens Property Insurance Policies
Mangrove Property Insurance Approved to Assume Additional Florida Citizens Property Insurance Policies
Mangrove Continues Disciplined Launch Amidst Plans for Voluntary Market Rollout
TALLAHASSEE, FL (March 19, 2025) – Mangrove Property Insurance Company (Mangrove), Florida’s newest homeowners’ insurer, has been approved by the Florida Office of Insurance Regulation to assume policies from Citizens Property Insurance Corporation (Citizens) during the June 2025, process. This marks the second assumption of Citizens policies for Mangrove.
Mangrove is also participating in the April assumption of Citizens policies, and with the recently approved June policy assumption, Mangrove, in totality, is approved to up to 81,000 HO and DP Citizens policies.
Mangrove, which was approved to provide property and casualty (P&C) insurance to Florida homeowners earlier this year by Florida’s OIR, believes that smart legislative and regulatory reforms have helped stabilize Florida’s marketplace. These improving market conditions were a key factor in their decision to bring new capital and capacity to Florida’s property insurance marketplace.
“Thanks to improving market conditions, and armed with a Financial Stability Rating® (FSR) of A, Exceptional from Demotech, Inc., a strong initial capital base and a seasoned leadership team, we’re pleased to continue to partner with Citizens Property Insurance policies and Florida’s independent agents to provide a private market solutions for eligible homeowners,” said Stephen Weinstein, Mangrove’s CEO. “Mangrove is determined to be a long-term, stable property insurance solution. We will approach the June assumption consistently with our approach in April and our planning for our voluntary program launch, combining robust underwriting, a long-term ethos, and a commitment to high levels of service. We are well positioned to be a meaningful source of new capacity in 2025.”
Partnering with incumbent independent agencies on policies assumed from Citizens is a top priority for Mangrove. Thousands of Florida licensed independent insurance agents have already signed up with Mangrove in respect of the Citizens program, and the June assumption approval provides more time for additional independent agents to help their Citizens policyholders explore Mangrove’s coverage.
Mangrove will soon begin writing new business homeowners’ coverage on a voluntary basis outside of Citizens. For more information about Mangrove, including agency appointment requests, visit Mangrove-FL.com.