Mangrove Property Insurance Company, the Florida-based start-up led by Bermuda market veteran Stephen Weinstein, has been approved by the Florida Office of Insurance Regulation to assume policies from Citizens Property Insurance Corporation starting in June.

This marks an additional assumption of Citizens policies. Mangrove is also participating in the April assumption of Citizens policies.

With the recently approved June policy assumption, Mangrove is approved up to 81,000 HO [homeowners] and DP [dwelling property] Citizens policies.

Mangrove, which was approved to provide property and casualty insurance to Florida homeowners earlier this year by the OIR, said it believes that smart legislative and regulatory reforms have helped to stabilise the state’s marketplace.

These improving market conditions, the company said, were a key factor in its decision to bring new capital and capacity to Florida’s property insurance marketplace.

Mangrove is one of the most recent of 11 new insurers entering the market since the historic legislative reforms.

Based in St Petersburg, the company will offer coverage through licensed independent agents across all of Florida’s 67 counties.

The new companies bring some $300 million in policyholder surplus to support additional growth in the state’s property market.

Mr Weinstein, Mangrove’s CEO, said: “Thanks to improving market conditions, and armed with a Financial Stability Rating of A, or Exceptional, from Demotech Inc, a strong initial capital base and a seasoned leadership team, we’re pleased to continue to partner with Citizens Property Insurance policies and Florida’s independent agents to provide private market solutions for eligible homeowners,” said.

“Mangrove is determined to be a long-term, stable property insurance solution. We will approach the June assumption consistently with our approach in April and our planning for our voluntary programme launch, combining robust underwriting, a long-term ethos, and a commitment to high levels of service. We are well positioned to be a meaningful source of new capacity in 2025.”

Partnering with incumbent independent agencies on policies assumed from Citizens is a top priority for Mangrove.

Thousands of Florida licensed independent insurance agents have already signed up with Mangrove in respect of the Citizens programme, and the June assumption approval provides more time for additional independent agents to help their Citizens policyholders explore Mangrove’s coverage.

Mangrove will soon begin writing new business homeowners’ coverage on a voluntary basis outside of Citizens.