Mangrove Property Insurance Assumes 30,000 Policies from Citizens

Deal News | Apr 16, 2025 | EIN

Mangrove Property Insurance Assumes 30,000 Policies from Citizens

Mangrove Property Insurance, a new homeowners insurance carrier in Florida, has successfully assumed around 30,000 policies from Citizens Property Insurance Corporation. This move is part of Mangrove's strategy to build a stable source of capacity, partnering with incumbent agents to provide tailored P&C solutions for the Florida market. Founder and CEO Stephen Weinstein emphasizes Mangrove's commitment to actuarially sound underwriting and statewide diversification. The Florida Office of Insurance Regulation has approved Mangrove to potentially assume up to 81,040 policies between April and June 2025, with an impressive 86.4% acceptance rate for April. The company plans to continue this approach for the June policy assumption cycle.

Sectors

  • Insurance
  • Reinsurance

Geography

  • United States – The activities described in the article are focused on the Florida market, part of the United States, specifically addressing the unique insurance needs in the state.
  • Florida – Mangrove Property Insurance operates across all 67 counties in Florida, focusing on providing tailored insurance solutions specific to this geographic area.

Industry

  • Insurance – The article discusses Mangrove Property Insurance's strategy and policy assumption from Citizens, both of which are players in the insurance sector.
  • Reinsurance – Mangrove's focus on managing its portfolio and exposure suggests relevance to the reinsurance sector, emphasizing actuarial soundness and statewide diversification.

Financials

  • 81,040 – The potential total number of policies Mangrove is approved to assume between April and June 2025.
  • 30,000 – The number of policies Mangrove successfully assumed from Citizens during the April 2025 cycle.
  • 86.4% – Acceptance rate of the policies selected by Mangrove from Citizens in April 2025.

Participants

NameRoleTypeDescription
Mangrove Property InsuranceTarget CompanyCompanyMangrove is a Florida-based homeowners insurance carrier taking over policies from Citizens Property Insurance to expand its market presence.
Stephen WeinsteinCEOPersonFounder and CEO of Mangrove Property Insurance, leading the firm's strategy and policy assumptions from Citizens.
Citizens Property Insurance CorporationSelling CompanyCompanyA Florida government-established insurance carrier from which Mangrove has assumed policies.
Florida Office of Insurance RegulationRegulatory ApprovalGovernmentProvided regulatory approval for Mangrove to assume policies from Citizens, up to 81,040 in total.