A new Florida-based homeowners insurer has completed its first reinsurance placement with the backing of several top-rated global carriers.

Mangrove Property Insurance Company, which recently entered the Florida market as an admitted carrier, said the initial programme would provide protection through June 1, ahead of the upcoming hurricane season. Reinsurers rated A or higher by AM Best comprise the entire panel.

While the company did not disclose specific reinsurers, the Bermuda market has historically played a key role in Florida catastrophe risk, particularly in hard market conditions when traditional capacity is constrained.

Stephen Weinstein, Mangrove’s founder and chief executive, said: “I am very pleased with the depth and credit quality of our initial reinsurance panel. Even more importantly, I’m grateful for the partnership-oriented approach reflected in our market acceptance.”

Mr Weinstein said Mangrove would build on the initial placement in its midyear renewal programme. He added that the company aimed to be “an optimised partner for global reinsurers across market cycles”.

The company worked with Gallagher Re, its broker of record, to place the cover.

Mangrove, backed by a Financial Stability Rating of A (Exceptional) from Demotech, Inc, plans to begin writing homeowners business on a voluntary basis across Florida’s 67 counties in the coming months.

Mr Weinstein, a former group general counsel at RenaissanceRe, has longstanding ties to Bermuda’s reinsurance community. He said Mangrove’s goal was to bring stability and long-term solutions to the challenging Florida market.

The company’s reinsurance strategy comes as Bermuda carriers continue to play a central role in global property-catastrophe markets.