Mangrove places inaugural June 1 cat reinsurance program

By Rebecca Delaney

June 2 - (The Insurer) - Florida-based startup Mangrove Property Insurance has placed its inaugural catastrophe reinsurance program at the June 1 renewal, the company said on Monday.

The cat reinsurance program will enable Mangrove to withstand "significant" storms during the 2025 Atlantic hurricane season, providing protection for events exceeding any in the historical record.

It includes all perils coverage, as well as subsequent event protection.

The program exceeds all regulatory and rating agency requirements, with founder and CEO Stephen Weinstein confirming that the startup received "very substantial" capacity from more than 30 global reinsurers. Mangrove did not provide any detail on the size of the program layers in the statement.

Mangrove was represented in these transactions by Gallagher Re.

“I am very pleased with the success of our inaugural catastrophe reinsurance program, which fulfills our vision of launching Mangrove with a new standard of reinsurance protection and partnership,” said Weinstein.

“We’re thrilled the market recognized our all-star team of experienced professionals, our clean balance sheet, our underwriting culture, and our strong risk management capabilities.”

Launched in January, Mangrove 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 all 67 Florida counties.

“As we pursue our vision of market leadership in Florida, the depth and breadth of our initial program, our collaborative ethos, and strategy of being an optimized partner for global reinsurers across market cycles position us well,” Weinstein added.

In April, Mangrove completed its first reinsurance purchase, securing coverage for its operations through June 1.