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Mangrove Property Insurance gets greenlight from Florida's Office of Insurance Regulation

'Smart legislative and regulatory reforms have stabilized Florida's marketplace,' CEO Stephen Weinstein says

WPTV

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By: Matt Sczesny

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WEST PALM BEACH, Fla. — A new homeowners insurance company is coming to Florida.

Mangrove Property Insurance, a start-up based in Florida, has been cleared by the state's Office of Insurance Regulation.

WATCH BELOW: Mangrove Insurance CEO says they'll launch in a 'disciplined way'

Mangrove Insurance CEO says they'll launch in a 'disciplined way' this year

CEO Stephen Weinstein told WPTV reporter Matt Sczesny that the new climate of litigation reform has made it better for them to start writing policies.

"We will manage our aggregates so that we are a meaningful source of capacity in southeast Florida, but we will also spread our capacity across the state in a disciplined way," Weinstein said.

The CEO said Mangrove is expected to start writing policies later this year through insurance agents in Florida.

"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," Weinstein said in a statement released Monday. "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."

Matt Sczesny is determined every day to help you find solutions in Florida's coverage collapse. If you have a question or comment on homeowners insurance, you can reach out to him any time.