St. Pete based homeowners insurance provider enters Florida market

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.