Mangrove assumes 20,000 policies from Citizens in June takeout process

By Mia MacGregor

June 26 - (The Insurer) - Startup admitted homeowners carrier Mangrove Property Insurance has assumed approximately 20,000 policies from Citizens Property Insurance Corporation, effective June 17.

This assumption from Florida's insurer of last resort was underwritten in conjunction with Mangrove’s initial process in April and its planned voluntary program launch.

The April policy assumption saw Mangrove taking on approximately 30,000 policies, achieving an 86.4% acceptance rate of selected policies.

Mangrove has stated that it does not intend to assume more than 81,040 policies from Citizens in total for 2025.

“Our goal in this assumption was to support agents with a smooth, seamless process, continuing our focus on policies which meet our robust selection criteria and which we believe can be underwritten on an actuarially sound basis within 20% of Citizens rates,” said Stephen Weinstein, founder and CEO of Mangrove.

“We believe our targeted underwriting and our vision of providing a stable source of renewal capacity in partnership with the incumbent agents drove our 84% acceptance rate,” Weinstein added.

Mangrove, launched in January 2025, aims to establish itself as a long-term playerin the Florida market, not solely as a Citizens takeout carrier, Weinstein told The Insurer.

Fellow Florida carrier Patriot Select Property and Casualty Insurance Company announced earlier this month it assumed nearly 12,000 homeowners multi-peril insurance policies from Citizens in the June takeout.