Mangrove Property Insurance

What Mangrove Property Insurance does

Mangrove Property Insurance Company is a Florida-domiciled admitted property and casualty insurer that launched in January 2025 following Florida Office of Insurance Regulation approval and a Demotech Financial Stability Rating of A, Exceptional. The company offers a focused residential property portfolio — HO3 homeowners coverage for owner-occupied single-family homes and duplexes, DP3 dwelling fire coverage for rental and seasonal properties, and Protect/Protect Plus+ endorsement packages — distributed exclusively through appointed independent insurance agents operating across all 67 Florida counties.

The company's core technology stack combines data-driven underwriting analytics and catastrophe risk modeling (used for exposure management and named-storm risk assessment) with a modernized digital policy and claims platform that supports 24/7 online claims filing and dedicated agent/policyholder portals. The proprietary Grove Repair Solution connects policyholders to a vetted network of licensed contractors (including ADS, Paul Davis, Neumann Construction, and multiple regional roofing and restoration firms) for claims remediation, with multi-year workmanship warranties differentiating the post-loss experience. Catastrophe risk analytics rely in part on third-party modeling, including Moody's Risk Management Solutions as the modeling agent for the inaugural catastrophe bond.

Mangrove generates revenue through recurring annual, semi-annual, and quarterly insurance premiums paid via ACH and credit card. A substantial portion of policy growth has come through Florida's Citizens Property Insurance Corporation depopulation program, with approximately 65,000+ policies assumed across April, June, and October 2025 cycles (acceptance rates of 86.4% and 84%) and an additional 20,000 approved for June 2026. The company backs its risk exposure with a record-setting reinsurance program featuring nearly 40 global reinsurance markets (37 AM Best rated and/or fully collateralized) and a $111 million inaugural catastrophe bond (Buttonwood Re Ltd. 2026-1) providing multi-year Florida named-storm coverage up to a 1-in-175-year return period. The company reports a 90% retention rate in its first Citizens renewal round, indicating strong early customer outcomes.

Name

Mangrove Property Insurance

Legal name

Mangrove Property Insurance Company

Website

https://mangrove-fl.com

Company type

Private

Founded year

2025

Operating status

Operating

Headcount range

11–50 employees

Short description

Mangrove Property Insurance is a Florida-admitted residential property insurer founded in 2025 that provides HO3 homeowners and DP3 dwelling fire coverage through independent agents across all 67 Florida counties, scaling rapidly through Citizens depopulation policy assumptions and a multi-layered reinsurance program.

Ownership category

akta.pro rank

Product category

Homeowners Property Insurance

NAICS

Direct Property and Casualty Insurance Carriers (524126), Direct Insurance (except Life, Health, and Medical) Carriers (52412)

SIC

Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Homeowners Insurance (FSAJACAA)

akta.pro secondary industries

Landlord / Dwelling Fire (DP) Insurance (FSAJACAD), Renters Insurance (FSAJACAB)

Keywords

• Homeowners property insurance
• Dwelling fire insurance
• Hurricane catastrophe coverage
• Independent agent distribution
• Catastrophe reinsurance program

Headquarters

HQ city

Tampa

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Homeowners Insurance Premiums (HO3): Recurring annual insurance premiums from HO3 homeowners policies covering owner-occupied single-family homes and duplexes. Premiums are paid on annual, semi-annual, or quarterly payment plans with credit card and ACH acceptance.
2. Dwelling Fire Insurance Premiums (DP3): Recurring annual insurance premiums from DP3 dwelling fire policies covering rental properties and non-owner-occupied residential properties, including landlord and seasonal home coverage.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels7 records

Core offering

Mangrove Property Insurance is a Florida-domiciled admitted property and casualty insurance carrier that underwrites and issues HO3 homeowners policies for owner-occupied single-family homes and duplexes, and DP3 dwelling fire policies for non-owner-occupied residential properties including rentals and seasonal homes. Coverage is distributed exclusively through appointed independent insurance agents across all 67 Florida counties, with integrated claims handling via the Grove Repair Solution vetted contractor network and reinsurance protection from nearly 40 global reinsurers including a $111 million catastrophe bond.

Product overview

Mangrove Property Insurance offers a focused portfolio of Florida homeowners insurance products centered on two core offerings: HO3 Homeowners Insurance for owner-occupied single-family homes and duplexes, and DP3 Dwelling Fire Insurance for non-owner-occupied properties including rental and seasonal homes. The company supplements its core insurance products with the Grove Repair Solution, an integrated repair program that connects policyholders with a vetted network of contractors for claims handling. Optional Protect and Protect Plus+ endorsement packages provide enhanced coverage tiers with expanded limits and additional protections.

Differentiator

Problem solved

Functional benefit

Brands

• GROVE Repair Solution: Mangrove's integrated repair and rebuild program utilizing a handpicked network of licensed contractors to help return policyholders to pre-loss condition.

Products and services

• HO3 Homeowners Insurance Standard homeowners insurance policy covering owner-occupied single-family homes and duplexes in Florida, protecting dwelling structure, personal belongings, liability, and loss of use with windstorm and hurricane coverage tailored to Florida's coastal risks. Available through appointed independent agents across all 67 Florida counties, with optional Protect and Protect Plus+ endorsement packages for enhanced replacement-cost and valuables coverage.
• DP3 Dwelling Fire Insurance Dwelling fire insurance policy for non-owner-occupied residential properties in Florida, including rental properties and seasonal or secondary homes. Provides dwelling coverage with replacement cost options and named-peril protection including windstorm and hurricane, designed for landlords and owners of properties not occupied full-time.
• Grove Repair Solution Integrated repair and rebuild program offering Guaranteed, Responsive, Optimum, Vested, and Efficient repair services through a handpicked network of licensed contractors across Florida, helping policyholders return to pre-loss condition after covered events with multi-year workmanship warranties.

Quantifiable outcome

• 90% policy retention rate in initial Citizens depopulation renewal round
• +4 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

20 partnerships are on record, tiered core and supporting.

• Gallagher RecoreStrategic or Co-development PartnerMangrove's reinsurance broker of record, providing reinsurance placement, advisory, and analytics services. Gallagher Re played an instrumental role in Mangrove's successful market entry and record-setting inaugural reinsurance program. Gallagher Securities acted as sole structuring agent and sole bookrunner for Mangrove's inaugural $111 million catastrophe bond transaction (Buttonwood Re Ltd. 2026-1).
• Willkie Farr & Gallagher LLPcoreImplementation/ SI/ Consulting PartnerLegal counsel to Mangrove for the inaugural catastrophe bond transaction (Buttonwood Re Ltd. 2026-1), providing legal guidance on the $111 million ILS transaction.
• Appleby BermudasupportingImplementation/ SI/ Consulting PartnerBermuda counsel providing legal services for Mangrove's inaugural catastrophe bond transaction.
• Moody's Risk Management Solutions, Inc.supportingTechnology or IntegrationModeling agent for Buttonwood Re Ltd. 2026-1 catastrophe bond transaction, providing catastrophe risk modeling and analytics.
• Artex Capital SolutionssupportingImplementation/ SI/ Consulting PartnerInsurance manager for the Buttonwood Re Ltd. 2026-1 catastrophe bond structure.
• Bermuda Stock ExchangesupportingTechnology or IntegrationListing exchange for the Buttonwood Re 2026-1 catastrophe bond notes.
• ADS (Advanced Drying Systems)supportingImplementation/ SI/ Consulting PartnerWater, mold, and restoration company serving as Grove Repair Solution partner for emergency mitigation and restoration services.
• Entrusted RestorationsupportingImplementation/ SI/ Consulting PartnerRestoration company serving as Grove Repair Solution partner providing water damage and restoration services in the Central East Florida region.
• Paul Davis Property RestorationsupportingImplementation/ SI/ Consulting PartnerNational restoration company serving as Grove Repair Solution partner providing property damage restoration services in Northeast Florida.
• Neumann Construction & RoofingsupportingImplementation/ SI/ Consulting PartnerRoofing contractor serving as Grove Repair Solution partner for roof repair and replacement in Northeast Florida.
• Robinson Roofing & RestorationsupportingImplementation/ SI/ Consulting PartnerRoofing and restoration contractor serving as Grove Repair Solution partner in Northeast and Panhandle Florida regions.
• 3 Lotus RoofingsupportingImplementation/ SI/ Consulting PartnerRoofing contractor serving as Grove Repair Solution partner in Northeast Florida.
• Triton Roofing and RestorationsupportingImplementation/ SI/ Consulting PartnerRoofing and restoration contractor serving as Grove Repair Solution partner in Northeast Florida.
• Southern Safe ConstructionsupportingImplementation/ SI/ Consulting PartnerConstruction contractor serving as Grove Repair Solution partner in Northeast Florida.
• JCM Roofing & RestorationsupportingImplementation/ SI/ Consulting PartnerRoofing and restoration contractor serving as Grove Repair Solution partner in Central East Florida.
• Rellim ContractingsupportingImplementation/ SI/ Consulting PartnerContractor serving as Grove Repair Solution partner in Florida Panhandle region.
• Massey ContractingsupportingImplementation/ SI/ Consulting PartnerContracting company serving as Grove Repair Solution partner in Northeast Florida.
• Florida Association of Insurance Agents (FAIA)coreGTM or Marketing PartnerFlorida's primary independent insurance agent association with nearly 2,000 member agencies. Mangrove is a Platinum Sponsor of the 2026 FAIA Annual Convention. Mangrove's leadership participates in FAIA events and the association provides endorsements for Mangrove in the Citizens depopulation program.
• Latin American Association of Insurance Agencies (LAAIA)supportingGTM or Marketing PartnerAssociation representing independent insurance agents with over $3 billion in premiums. Mangrove sponsors and participates in the LAAIA Annual Convention, connecting with agents to build partnerships.
• Florida Chamber of CommercesupportingGTM or Marketing PartnerState business organization hosting the Annual Insurance Summit. CEO Stephen Weinstein is a featured speaker, and the Chamber supported Florida's legislative reforms that enabled Mangrove's market entry.

Scale indicators7 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Universal North America Insurance Company: Florida property insurance carrier writing HO3 and DP3 — Eduardo Miranda joined Mangrove from this carrier. Comparable in core products and Florida market focus.
• TypTap Insurance Group: Florida homeowners carrier built around data-driven underwriting and digital agent tools, also participating in Citizens depopulation. Comparable in technology-enabled point-of-sale underwriting and FL-only P&C focus.
• Slide Insurance: Florida-focused homeowners and dwelling fire carrier that scaled rapidly through Citizens depopulation and aggressive independent agent appointments. Highly comparable in product mix, distribution model, and customer segment.
• Tower Hill Insurance Group: Established Florida-domiciled property insurer writing HO3, DP3, and wind-only products through independent agents statewide. Comparable in product portfolio and exclusive agent distribution, though larger and longer-tenured than Mangrove.
• Security First Insurance Company: Florida-domiciled homeowners carrier distributing exclusively through independent agents across all 67 counties. Comparable in product line, channel model, and Florida-only footprint.
• Universal Property & Casualty Insurance Company (UPCIC): Florida-focused residential property carrier writing HO3 and DP3 through independent agents; one of the larger pure-play FL residential P&C writers. Direct product and channel comparable.
• Heritage Property & Casualty Insurance: Florida-focused residential property insurer writing HO3 and DP3 through independent agents, with significant Citizens depopulation participation. Direct product and channel overlap with Mangrove.
• Florida Peninsula Insurance Co. Florida-domiciled homeowners and dwelling fire carrier that, like Mangrove, participated in the Citizens depopulation program and was approved to assume up to 20,000 policies alongside Mangrove in the May 2026 OIR process. Closest direct comparable in product, geography, and acquisition strategy.

Others

• Citizens Property Insurance Corporation: Florida's state-backed insurer of last resort and Mangrove's principal counterparty in the depopulation program. Not a competitor but a feeder relationship that defines Mangrove's customer acquisition economics.

Emerging players

• Prepared Insurance / Prepared Hero: Tech-forward Florida homeowners insurtech focused on catastrophe-prone markets with data-driven underwriting. Emerging player with overlapping Florida HO3 focus and digital agent/policyholder experience.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/mangrove-property-insurance
• Facebookfacebook.com/MangroveInsurance

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mangrove Property Insurance