Mangrove Completes Initial Reinsurance Buy

Mangrove Completes Initial Reinsurance Buy

Mangrove Property Insurance Completes Initial Reinsurance Buy

Partners With Numerous Leading Global Reinsurers

ST. PETERSBURG, FL (April 14, 2025) – Mangrove Property Insurance Company (Mangrove), Florida’s newest admitted homeowners insurance carrier, recently completed its first reinsurance purchase, providing robust coverage for its operations through June 1, 2025, all of which is from reinsurance carriers with a financial rating of A or higher from AM Best.

Armed with a Financial Stability Rating® (FSR) of A, Exceptional from Demotech, Inc., a strong initial capital base, and an experienced management team, Mangrove is focused on bringing new standards of stability and security to Florida homeowners in advance of the 2025 Hurricane Season.

“I am very pleased with the depth and credit quality of our initial reinsurance panel,” said Stephen Weinstein, Mangrove’s founder and Chief Executive Officer. “Even more importantly, I’m grateful for the partnership-oriented approach reflected in our market acceptance.  As we grow from these initial covers to our June 1 program, we will expand on this initial success while keeping consistent Mangrove’s collaborative approach and our strategy of being an optimized partner for global reinsurers across market cycles.”

Mangrove was represented in these transactions by Gallagher Re, its reinsurance broker of record.

Through partnerships with local independent agents in all 67 Florida counties, Mangrove is committed to providing sustainable, long-term P&C solutions tailored to Florida’s unique market.  Mangrove will soon begin writing new homeowners coverage on a voluntary basis throughout Florida.  For more information about Mangrove, including agency appointment requests, visit Mangrove-FL.com.