Florida startup Mangrove completes first reinsurance purchase
By Mia MacGregor
April 14 - (The Insurer) - Florida startup Mangrove Property Insurance Company has completed its first reinsurance purchase, securing coverage for its operations through June 1, 2025, from carriers rated A or higher by AM Best.
The company, which holds a financial stability rating of A (exceptional) from Demotech, emphasized its commitment to bringing greater stability and security to Florida homeowners ahead of the 2025 hurricane season.
Gallagher Re, Mangrove’s reinsurance broker of record, represented the company in the transactions.
“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,” said Stephen Weinstein, Mangrove’s founder and CEO.
Launched in January, Mangrove offers property and casualty insurance solutions tailored to the Florida market.
It was approved to assume policies from residual insurer Citizens Property Insurance Corporation in the April and June takeouts, and will soon begin writing new homeowners coverage on a voluntary basis throughout Florida.
In late March, Mangrove appointed former chief operating officer at Olympus Insurance Company, Tim Cotton, as its COO, joining four recent executive hires.
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