Reading Time: < 1 minute

Mangrove Property Insurance Company was recently approved by the Office of Insurance Regulation to provide property and casualty insurance to Florida homeowners. 

The St. Pete-based firm joins nearly a dozen others in the marketplace as part of a Citizens Depopulation program, which has been offloading policy holders onto different insurers in an effort to unburden the entity, the state-run insurer of last resort, which is now under 1 million policies after ballooning to 1.4 policies in 2023.

“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. Just as mangroves protect Florida’s coastlines from erosion and storm surge, Mangrove Property Insurance Company is committed to being a permanent solution Floridians can turn to in protecting their property,” says Stephen Weinstein, Mangrove’s CEO in a statement from the company. 

Mangrove joins ASI Select Insurance, Trident Reciprocal Exchange, Ovation Home Insurance Exchange, Manatee Insurance Exchange, Condo Owners Reciprocal Exchange, Orange Insurance Exchange, Orion180 Select Insurance Company, Orion180 Insurance Company, Mainsail Insurance Company, and Tailrow Insurance Exchange as the new property and casualty insurers that have entered the market since legislative reforms according to a statement released from the Florida Office of Insurance Regulation.

Commissioner Mike Yaworsky says in the statement, “We are working hard every day to recruit more insurers to our state. Thanks to recent historic legislative reforms, Florida’s insurance market is stabilizing, and more companies are entering the market. Domestic companies reported more than $389 million in net income as of September 2024. We will continue to emphasize the encouraging signs of the resilience and growth of our market to attract more business to our state.”  

Original Article: Click Here