Demotech, Inc., a rating agency and financial analysis firm, has assigned Mangrove Property Insurance Company (Mangrove) a Financial Stability Rating of A, Exceptional.
Mangrove, a newly established Florida insurer led by Stephen Weinstein, was approved by the Florida Office of Insurance Regulation in January 2025 to provide property and casualty insurance to the state’s homeowners.
The company will participate in a take-out of Citizens Property Insurance Corporation policies that meet its current selection criteria.
Demotech assigns this rating to insurers with exceptional financial stability, which includes maintaining positive surplus for policyholders, high liquidity of invested assets, acceptable financial leverage, reasonable loss reserves, and realistic pricing.
Joseph L. Petrelli, President and Co-founder of Demotech, commented, “Demotech, Inc.’s initial activity in Florida commenced thirty years ago with the need to review and rate insurers formed to depopulate the Florida Residential Property Casualty Joint Underwriting Association. Today, we continue to assist financially stable insurers countrywide by assigning Financial Stability Ratings® (FSRs) based, in part, upon business model, execution of the business model, and the complementary nature of a carrier’s reinsurance program.”
Sharon Romano Petrelli, Vice President and Co-founder of Demotech, said, “Demotech is proud to be the rating agency of choice for eight of the ten insurers recently licensed by the Florida Office of Insurance Regulation. The capability, expertise, and experience of our rating analysts, honed by three decades of reviews of carriers focused on Florida, has made Demotech the ‘go-to’ insurer ratings agency for carriers writing in catastrophe prone areas.”
Romano added, “The name of the Company encompasses its intent to feature and focus on resiliency. Mangroves are trees and shrubs that grow in tropical coastal areas. They are capable of flourishing as well as surviving in salty, low-oxygen soil, despite being periodically submerged by tides. The Company expects hurricanes from time to time and wants to help its policyholders flourish and survive. Their name reflects their mission.”
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