Mangrove Property Insurance earns rating of A from Demotech

Mangrove Property Insurance Company announced that Demotech, a financial analysis firm, has assigned it a Financial Stability Rating of A, Exceptional. 

Demotech assigns FSRs of A, Exceptional, to insurers that possess exceptional financial stability related to maintaining positive surplus as regards policyholders, liquidity of invested assets, an acceptable level of financial leverage, reasonable loss and loss adjustment expense reserves, and realistic pricing.

Mangrove announced it has been approved by Florida’s Office of Insurance Regulation to provide property and casualty insurance to Florida homeowners. Armed with a strong initial capital base, a seasoned leadership team, a disciplined, data-driven approach, and strong reinsurance relationships, Mangrove intends to be a long-term franchise player providing Florida homeowners with high-quality coverage and service.

“Across my career, Demotech has been a leader in the Florida marketplace,” said Stephen Weinstein, Mangrove’s Chief Executive Officer. “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.”