Drew Dixon
A new Florida insurance company has obtained a Financial Stability Rating of “Exceptional” for selling homeowners insurance in the state.
Mangrove Property Insurance Co. received the “A” ranking form Demotech, an organization that assigns Financial Stability Ratings. The high rating signifies that insurers possess exceptional financial stability in relation to having a surplus of policyholders, liquidity of invested assets and a level of financial leverage that covers reasonable loss and loss adjustments.
Mangrove was approved last week by the Florida Office of Insurance Regulation to provide property and casualty insurance to Florida homeowners.
“Across my career, Demotech has been a leader in the Florida marketplace,” Mangrove CEO Stephen Weinstein said. “We’re honored to earn this exceptional rating, and believe it reflects our strategy of building a permanent franchise in the Florida marketplace, committed to exceptional underwriting and claims service, and backed by robust capital and reinsurance protections. In partnership with leading independent agents and our other partners, Mangrove is committed to fostering financial and physical resilience in Florida, and to help our policyholders build back better after a loss.”
Florida Insurance Commissioner Mike Yaworsky said the state approved nine other insurers as well, and the agency is looking to add more.
“We are working hard every day to recruit more insurers to our state. Thanks to recent historic legislative reforms, Florida’s insurance market is stabilizing, and more companies are entering the market,” Yaworsky said. “Domestic companies reported more than $389 million in net income as of September 2024. We will continue to emphasize the encouraging signs of the resilience and growth of our market to attract more business to our state.”
Mangrove also got clearance by state officials to assume some policies from Citizens Property Insurance Corp., the state’s insurer of last resort that has been over-extended for years amid insurers pulling out of Florida.
Demotech was established in 1985 to serve as a ratings organization for the insurance industry. The organization reviews and evaluates insurers based on their ability to execute their business models rather than size of the company.
Demotech is constantly expanding the list or accreditations and criteria that results in ratings and reviews of more than 440 insurers in the United States.
