Mangrove Property Insurance Company, the Florida-based start-up led by Bermuda market veteran Stephen Weinstein, has been assigned a financial stability rating of A, Exceptional by Demotech Inc, the financial analysis firm.

Mangrove said 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 last week that it had been approved by Florida’s Office of Insurance Regulation to provide property and casualty insurance to Florida homeowners.

“Across my career, Demotech has been a leader in the Florida marketplace,” said Mr Weinstein, Mangrove’s chief executive.

“We’re honoured 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.”

Mr Weinstein, formerly of RenaissanceRe, is now chairman of the board at Bermudian-based Itasca Re Ltd.