Ratings agency Demotech has given Mangrove Property Insurance a financial stability rating of A, “exceptional”.
The ratings agency assigns A ratings to insurers possessing excellent stability due to a variety of factors, including positive surplus, investment liquidity, financial leverage, realistic pricing and reasonable loss and loss adjustment expense reserves.
Mangrove CEO Stephen Weinstein said in a statement that the rating reflects the company’s strategy of “building a permanent franchise in the Florida marketplace”.
The company announced the ratings award on Monday, just days after the Florida Office of Insurance Regulation gave Mangrove approval to begin providing homeowners’ insurance in the state.
Mangrove received approval from the Florida Office of Insurance Regulation to provide P&C coverage on January 27 and plans to begin writing in Florida’s admitted homeowner’s market in Q1 2025.
The company was launched in the wake of a series of legal reforms in the state, which loss adjusters have said will help minimize insured losses from hurricanes.
Weinstein was previously general counsel at RenaissanceRe, where he spent 19 years as the chief legal officer before departing in late 2020.
Mangrove’s CFO Allan Franklin, meanwhile, was the former finance and accounting VP at Cabrillo Coastal General Insurance.
The carrier’s board also includes David Hart, who was CEO of the Bermuda Development Agency from 2021 to 2024 and, before that, executive VP of the Florida Chamber of Commerce.