New Florida Insurer Mangrove Property Insurance Aims to Transform the Market
Former RenaissanceRe executive Stephen Weinstein has made a significant move in the Florida insurance landscape by launching Mangrove Property Insurance. This new insurance carrier is set to assume thousands of policies from Citizens Property Insurance Corp, marking a pivotal moment for homeowners seeking reliable coverage.
Mangrove Property Insurance: A Fresh Start in Florida
Mangrove Property Insurance, headquartered in Tallahassee, is the tenth new insurer to enter Florida’s property insurance market since the legislative changes of 2022-2023. These reforms were designed to stabilize the market by reducing excessive claims litigation, thus creating a more favorable environment for insurance providers. According to the Florida Office of Insurance Regulation (OIR), these changes have instilled confidence in new entrants like Mangrove.
Legislative Changes Boost Market Confidence
The recent legislative reforms have been crucial in revitalizing Florida’s once-distressed insurance market. Weinstein emphasized the importance of these smart legislative changes, stating, “Smart legislative and regulatory reforms have stabilized Florida’s marketplace, giving us confidence to enter the market with new capital and capacity to help homeowners meet their property insurance needs.” This renewed stability is expected to benefit both insurers and policyholders alike.
Transitioning Policies from Citizens Property Insurance
Mangrove Property Insurance has received approval from the OIR to assume approximately 81,000 homeowners’ multiperil policies from Citizens Property Insurance by April 15. However, it remains to be seen how many policyholders will accept these offers, as historical data suggests that only about 10% of similar takeout offers were accepted in 2024. The transition aims to provide more options for Florida homeowners seeking coverage.
Navigating Regulatory Challenges
While Mangrove’s takeout application faced a minor setback due to regulatory compliance issues, the company has agreed to adhere to the stipulations outlined by the OIR. The order clarified that the premium calculations for eligibility must be based on offers of coverage without requiring additional terms or endorsements. This commitment to compliance underscores Mangrove’s dedication to meeting regulatory standards while serving Florida residents.
Financial Strength and Market Presence
To further solidify its standing in the market, Mangrove Property Insurance is pursuing a financial strength rating from Demotech, a firm recognized by Fannie Mae and Freddie Mac. This rating is crucial for establishing credibility and ensuring that the company can effectively serve its policyholders. The OIR has mandated that Mangrove secure this rating by February 25.
Experienced Leadership at the Helm
Stephen Weinstein brings a wealth of experience to Mangrove Property Insurance, having previously served as general counsel and CEO of RenaissanceRe. His leadership is complemented by Allan Franklin, a certified public accountant and fraud examiner, who serves as the company’s chief financial officer. Together, they aim to create a robust insurance provider that meets the diverse needs of Florida homeowners.
Commitment to Independent Agents and Local Coverage
Mangrove Property Insurance plans to distribute its coverage through independent agents across all 67 counties in Florida. This strategy aims to enhance accessibility and ensure that homeowners can find the right coverage tailored to their specific needs. By fostering relationships with local agents, Mangrove is positioning itself as a community-focused insurer.
Final Thoughts on Mangrove Property Insurance
In summary, the launch of Mangrove Property Insurance marks a noteworthy development in Florida’s insurance market. With a strong leadership team, commitment to regulatory compliance, and a focus on providing comprehensive coverage options, Mangrove is poised to make a lasting impact. As the Florida insurance landscape continues to evolve, Mangrove’s entry offers hope for homeowners seeking reliable and affordable property insurance solutions.
For more insights on Florida’s insurance market and updates on new carriers, visit the Florida Office of Insurance Regulation.