A new property and casualty (P&C) insurer has been approved to operate in Florida by the state’s Insurance Commissioner Mike Yaworksy earlier this week, in yet another sign of improvement for the Sunshine State’s troubled property insurance market.
Newly formed Florida-based insurance company Mangrove, headquartered just out of St. Petersburg and led by industry expert Stephen Weinstein, joins 10 other insurers which have been approved to enter the Florida market after Tallahassee legislators passed a series of regulatory reforms to stabilize the state in 2022-2023.
Newsweek contacted the Florida Office of Insurance Regulation (OIR) and Mangrove for comment by email on Wednesday morning, outside of standard working hours.
Why It Matters
A combination of widespread fraud, excessive and unnecessary litigation, and the growing risk posed by natural disasters, made more frequent and more severe by climate change, has led to an exodus of insurers in Florida in the past few years. Several major insurers have cut coverage in the state’s most vulnerable areas or withdrawn entirely; this has left homeowners scrambling for options, while premiums skyrocketed.
The addition of new insurers to the market is a hopeful sign, giving homeowners more options for coverage and could ultimately increase competition, helping drive down rates.
What To Know
Mangrove, which will offer coverage through licensed independent agents across all 67 counties in the Sunshine State, was created with the idea of providing sustainable P&C insurance to Floridians, offering competitive rates
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