Mangrove completes inaugural cat reinsurance program

Mangrove Property Insurance Company has finalised its catastrophe reinsurance program for the 2025 Atlantic hurricane season, protecting the firm and its policyholders to the 175-year return period and for events exceeding any in the historical record.

The newly formed Florida insurer’s reinsurance program, which exceeds all regulatory and rating agency requirements, includes all perils coverage as well as subsequent event protection.

Stephen Weinstein, Mangrove’s founder and Chief Executive Officer, commented, “I am very pleased with the success of our inaugural catastrophe reinsurance program, which fulfils our vision of launching Mangrove with a new standard of reinsurance protection and partnership.

“We’re thrilled the market recognised our all-star team of experienced professionals, our clean balance sheet, our underwriting culture, and our strong risk management capabilities.”

Weinstein added, “We’re thankful for this record-setting level of support we received from global market reinsurers, and grateful for the partnership-oriented approach reflected in our market acceptance.

“We received very substantial capacity from several of the largest and strongest reinsurers in the world. At the same time, more than 30 individual reinsurers supported our program. As we pursue our vision of market leadership in Florida, the depth and breadth of our initial program, our collaborative ethos, and our strategy of being an optimised partner for global reinsurers across market cycles position us well.”

Mangrove was reportedly represented in these transactions by Gallagher Re, its reinsurance broker of record.

Mangrove received approval from Florida’s Office of Insurance Regulation in January to provide property and casualty insurance to homeowners across the state.

In February, Demotech, Inc., a nationally recognised rating agency and financial analysis firm, assigned Mangrove a Financial Stability Rating of A, Exceptional.

In March, the company announced several key executive appointments: Tim Cotton as Chief Operating Officer, Chris August as Head of Distribution, Allan Franklin as Chief Financial Officer and Treasurer, Eduardo Miranda as Senior Vice President of Risk, Underwriting & Analytics, and Brian Turnau as Director of Claims.

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