Press Release – February
Press Release
Mangrove Property Insurance Company Earns
Financial Stability Rating® of A, Exceptional, From Demotech
TALLAHASSEE, FL (February 3, 2025) – Mangrove Property Insurance Company (Mangrove) announced today that Demotech, Inc., a financial analysis firm, has assigned it a Financial Stability Rating® (FSR) of A, Exceptional.
Demotech assigns FSRs of A, Exceptional, to insurers that possess exceptional financial stability related to maintaining positive surplus as regards policyholders, liquidity of invested assets, an acceptable level of financial leverage, reasonable loss and loss adjustment expense reserves, and realistic pricing.
Mangrove announced on January 27, 2025, it has been approved by Florida’s Office of Insurance Regulation (OIR) to provide property and casualty insurance to Florida homeowners. Armed with a strong initial capital base, a seasoned leadership team, a disciplined, data-driven approach, and strong reinsurance relationships, Mangrove intends to be a long-term franchise player providing Florida homeowners with high-quality coverage and service.
“Across my career, Demotech has been a leader in the Florida marketplace,” said Stephen Weinstein, Mangrove’s Chief Executive Officer. “We’re honored to earn this exceptional rating, and believe it reflects our strategy of building a permanent franchise in the Florida marketplace, committed to exceptional underwriting and claims service, and backed by robust capital and reinsurance protections. In partnership with leading independent agents and our other partners, Mangrove is committed to fostering financial and physical resilience in Florida, and to help our policyholders build back better after a loss.”
About Mangrove
The OIR approved Mangrove’s Certificate of Authority (COA) to provide P&C coverage in Florida on January 15, 2025. Mangrove plans to begin writing homeowners coverage, exclusively in Florida’s admitted homeowners’ market, in the first quarter of 2025. In addition, Mangrove has been approved to participate in the April assumption of policies from Citizens Property Insurance Corporation (Citizens). 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.
About Demotech, Inc.
Demotech, Inc. is a financial analysis firm specializing in evaluating the financial stability of regional and specialty insurers. Since 1985, Demotech has served the insurance industry by assigning Financial Stability Ratings® (FSRs). Demotech’s philosophy is to review and evaluate insurers based on their area of focus and execution of their business model rather than on financial size. Demotech was the first to review and rate independent regional and specialty Property and Casualty insurers. Demotech’s consistently expanding list of accreditations and acceptances has resulted in rating and reviewing 440 insurers operating in the U.S. As of July 11, 2022, Demotech, Inc. is registered with the U.S. Securities and Exchange Commission as a nationally recognized statistical rating organization (NRSRO) in the class of ratings for insurance companies. Learn more at www.demotech.com.