Mangrove approved to assume 32,000 policies from Citizens in Q4

By Isha Marathe

July 17 - (The Insurer) - The Florida Office of Insurance Regulation has approved Mangrove Property Insurance Company to assume up to 32,000 policies from Citizens Property Insurance Corporation in the fourth quarter.

The approval is in connection with Citizens’ policy takeout process for October, November and December 2025.

This new authorization supports Mangrove’s efforts to explore offering a private market solution to Citizens policyholders and incumbent agents in the fourth quarter, consistent with its prior authorization.

“We’re pleased to continue partnering with Citizens and Florida’s independent agents to provide a private market solution for eligible homeowners,” said Stephen Weinstein, Mangrove’s CEO.

“We will underwrite potential opportunities to reduce risk in Citizens in the fourth quarter, consistent with our approach earlier this year, focusing on policies which meet our robust selection criteria, and for which we believe we can serve as a source of sustainable renewal capacity.”

In early 2025, Mangrove was approved to potentially assume approximately 81,000 homeowners and dwelling fire Citizens policies during 2025.

It assumed approximately 20,000 policies from Citizens in the June takeout and 30,000 in the April takeout.

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