Mangrove Property Insurance Company, a new entrant in Florida’s homeowners’ insurance market, has received approval from the Florida Office of Insurance Regulation (OIR) to assume additional policies from Citizens Property Insurance Corporation (Citizens) during the June 2025 assumption period.
This approval marks Mangrove’s second assumption of Citizens policies, following their participation in the April 2025 assumption. In total, Mangrove is now authorized to assume up to 81,000 homeowners (HO) and dwelling property (DP) policies from Citizens.
READ: Florida State-Backed Citizens Insurance Sees Policy Increase After Recent Depopulation Effort
Mangrove, which received approval to provide property and casualty (P&C) insurance in Florida earlier this year, credits recent legislative and regulatory reforms for stabilizing the state’s insurance market. These improved conditions were a key factor in the company’s decision to bring new capital and capacity to Florida.
“Thanks to improving market conditions, and armed with a Financial Stability Rating® (FSR) of A, Exceptional from Demotech, Inc., a strong initial capital base and a seasoned leadership team, we’re pleased to continue to partner with Citizens Property Insurance policies and Florida’s independent agents to provide a private market solutions for eligible homeowners,” said Stephen Weinstein, Mangrove’s CEO.
Mangrove is committed to a disciplined launch, emphasizing robust underwriting, a long-term approach, and high levels of service. The company prioritizes partnering with independent insurance agencies on policies assumed from Citizens, with thousands of Florida-licensed agents already signed up.
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The June assumption approval provides additional time for more independent agents to help Citizens policyholders explore Mangrove’s coverage options.
Mangrove is also preparing to begin writing new homeowners’ insurance policies on a voluntary basis, outside of the Citizens assumption program.
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