# Mangrove Property Insurance

> Mangrove Property Insurance is a Florida-focused property carrier founded by longtime reinsurance executive Stephen Weinstein. It sells homeowners and dwelling-fire policies through independent agents, grew quickly by selectively assuming policies from Citizens, and differentiates itself through disciplined underwriting, an unusually visible reinsurance strategy and an affiliated Bermuda vehicle designed to improve risk-transfer efficiency.

- **Founded:** 2025
- **Headquarters:** St. Petersburg, United States
- **Founders:** Stephen Weinstein (Chief Executive Officer and Founder)
- **Team size:** Approximately 31 employees, based on supplied company data; public reporting does not state an audited headcount.
- **Products:** HO3 Homeowners, DP3 Dwelling Fire, Citizens policy assumptions, Claims and Grove Repair Solution, Grove Re
- **Notable:** Received a Florida certificate of authority in January 2025., Earned an A, Exceptional Financial Stability Rating from Demotech in February 2025; Demotech listed the rating as affirmed in June 2026., Assumed approximately 30,000 Citizens policies in April 2025 at an 86.4% acceptance rate.

## Products & services

- **HO3 Homeowners** — Flexible homeowners coverage for owner-occupied single-family homes and duplexes, with Standard, Protect and Protect+ packages and optional endorsements.
- **DP3 Dwelling Fire** — Property coverage for non-owner-occupied residences, including rentals, seasonal homes and secondary homes.
- **Citizens policy assumptions** — Private-market renewal capacity for selected policies transferred through Citizens Property Insurance Corporation's depopulation program.
- **Claims and Grove Repair Solution** — Round-the-clock claim reporting plus a managed network intended to connect policyholders with repair resources after covered losses.
- **Grove Re** — A wholly owned Bermuda Class 3A reinsurance company supporting capital efficiency, risk transfer and access to reinsurance and potential third-party capital.

## Achievements

- Received a Florida certificate of authority in January 2025.
- Earned an A, Exceptional Financial Stability Rating from Demotech in February 2025; Demotech listed the rating as affirmed in June 2026.
- Assumed approximately 30,000 Citizens policies in April 2025 at an 86.4% acceptance rate.
- Assumed approximately 20,000 Citizens policies in June 2025 at an 84% acceptance rate.
- Closed an upsized $111 million debut catastrophe bond in May 2026, with four tranches pricing at the low end of guidance or below.
- Built a 2026 catastrophe program with nearly 40 reinsurance markets and protection described as extending to a 1-in-175-year storm.
- Established wholly owned Bermuda Class 3A reinsurer Grove Re in August 2026.
- Named to Insurance Insider's 2026 shortlist for Start-Up of the Year.

## Latest updates

- **2026-08** — Established Grove Re Ltd., a wholly owned Bermuda Class 3A reinsurer intended to improve risk-transfer efficiency and capital deployment.
- **2026-06** — Completed its 2026-2027 catastrophe reinsurance program, citing 37 rated or fully collateralized participants and coverage up to a 1-in-175-year storm.
- **2026-05** — Closed the $111 million Buttonwood Re Series 2026-1 catastrophe bond and launched a redesigned website before hurricane season.
- **2025-07** — Received approval to explore assuming up to 32,000 additional Citizens policies in the fourth quarter within its original 2025 authorization.
- **2025-06** — Assumed approximately 20,000 Citizens policies, following roughly 30,000 assumed in April.

## Links

- Website: https://mangrove-fl.com
- LinkedIn: https://www.linkedin.com/company/mangrove-property-insurance/
- YouTube: https://www.youtube.com/@MangroveInsurance
- Facebook: https://www.facebook.com/MangroveInsurance

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Profile page: https://yespress.io/mangrove-property-insurance
Published by YesPress — https://yespress.io
Last updated: 2026-08-22