Mangrove Property Insurance Company, a newly formed Florida insurer led by industry expert Stephen Weinstein, has been approved by Florida’s Office of Insurance Regulation (OIR) to provide property and casualty (P&C) insurance to the state’s homeowners.
Mangrove, reportedly established with the vision of providing sustainable, long-term P&C solutions tailored to the Sunshine State’s market, has emphasised its commitment to delivering efficient, customer-focused services by partnering with local independent agents across all 67 Florida counties.
The firm also highlighted its disciplined, data-driven approach, designed to offer homeowners actuarially sound, competitive rates while ensuring robust catastrophic event risk management.
“While the prospects for Florida’s property insurance market conditions continue to strengthen, Mangrove believes the homeowners market is still in great need of additional capacity and competition,” the firm said.
Weinstein, Mangrove’s CEO, commented, “Smart legislative and regulatory reforms have stabilized Florida’s marketplace, giving us the confidence to enter the market with new capital and capacity to help homeowners meet their property insurance needs.
“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.”
Weinstein added, “As the third most populated state in the U.S., 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.
“Mangrove intends to build a partnership culture, and we look forward to partnering with Florida’s independent agents to provide stability and security to our mutual customers – Florida’s homeowners.
“We also wish to acknowledge the many partners who have supported our launch to date, including Gallagher Re, our reinsurance broker of record, and Gallagher Securities, our capital markets advisor and sole structuring and placement agent, whose expertise, analytics, and Florida leadership position have been instrumental.”
Weinstein currently serves as the Chair of Itasca Re, and as Chair of the Bermuda Institute of Ocean Sciences (BIOS), a non-profit scientific research and educational organisation.
From 2002 to 2021 he served as Executive Vice President and Chief Legal Officer of RenaissanceRe.
He has also previously served as Chair of the Reinsurance Association of American Extreme Events Committee, as Chair of the Policy Committee of the Association of Bermuda Insurers and Reinsurers, as lead associate of the Global Reinsurance Forum, and on Bermuda’s COVID-19 Economic Advisory Committee.
