The Florida property insurer founded by former Bermuda reinsurer, Stephen Weinstein, is developing the human capital needed to create a long-term, stable property insurance solution for the “sunshine state”.

Mangrove Property Insurance has named Tim Cotton as the new chief operating officer. Mr Cotton has dedicated 30 years to the industry, 28 of which has been in the Florida property market.

A spokesman for Mangrove said Mr Cotton brought strong relationships with independent agents and reinsurers to the company, further intensifying Mangrove’s depth.

He is experienced in the chief operating officer role with responsibilities for underwriting, policy services, sales and marketing, and claims.

He is well known in the market for his pioneering work developing option-to-repair and home-restoration programmes.

Mr Weinstein, Mangrove’s chief executive, said the company is determined to be a long-term, stable property insurance solution in Florida, and is dedicated to a high level of underwriting and claims service.

“Our strategy requires experienced, expert and ethical leadership,” Mr Weinstein said.

Joining Mr Cotton in leadership roles at Mangrove are Chris August, head of distribution, Allan Franklin, chief financial officer and treasurer, Eduardo Miranda, senior vice-president risk, underwriting and analytics, and Brian Turnau, claims director.

Mr Weinstein, a former Renaissance Re executive, started Mangrove in January.

Florida’s Office of Insurance Regulation has approved the insurer to assume homeowners and dwelling properties policies from Citizens Property Insurance Corporation during the April and June 2025 processes.

Mangrove has a financial stability rating of A, Exceptional from financial stability ratings company Demotech.

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