St. Petersburg insurance firm to assume thousands of homeowners policies

After being approved by the Florida Office of Insurance Regulation to provide property and casualty insurance to Florida homeowners back in January, Mangrove Property Insurance is poised to assume its second round of policies from Citizens Property Insurance, Florida’s insurer of last resort.

Mangrove is approved to assume up to 81,000 Citizen homeowners and dwelling property policies through April and June 2025 processes. The end goal is to stabilize the insurance market, with Citizens being overburdened with policies in recent years. 

“We’re pleased to continue to partner with Citizens Property Insurance policies and Florida’s independent agents to provide private market solutions for eligible homeowners,” Stephen Weinstein, Mangrove’s CEO, says in a statement. “Mangrove is determined to be a long-term, stable property insurance solution. We will approach the June assumption consistently with our approach in April and our planning for our voluntary program launch, combining robust underwriting, a long-term ethos, and a commitment to high levels of service. We are well positioned to be a meaningful source of new capacity in 2025.”

Mangrove Property Insurance was founded in St. Pete by CEO Stephen Weinstein.