Florida-based property and casualty insurer Mangrove Property Insurance Company has announced the establishment of Grove Re Ltd., a Bermuda-domiciled Class 3A insurance company to support its long-term risk management and underwriting strategy.
The formation of Grove Re reflects Mangrove’s disciplined, data-driven approach to underwriting, its strategic vision to operate for the long-term across market cycles.
It also marks the company’s commitment to building a resilient, scalable platform focused on Florida, a market widely recognised as one of the world’s most significant and complex property insurance markets.
By operating in Bermuda, Grove Re will provide Mangrove with enhanced access to international reinsurance third-party capital, reinforcing the group’s capacity to navigate volatile market cycles.
“We are pleased to announce the formation of Grove Re, and its licensure in Bermuda, a preeminent market both for commercial re/insurance relationships, and for robust oversight and operating standards,” Mangrove founder Stephen Weinstein commented.
Weinstein emphasised that Grove Re will operate on a fully aligned basis within the corporate group to bolster financial stability for Florida policyholders and distribution partners.
Weinstein said: “Grove Re is wholly owned within our group and will underwrite and operate on an aligned basis, enhancing our capital efficiency, strengthening our risk management and access to reinsurance and third-party capital, and reinforcing our long-term stability to benefit Mangrove’s policyholders.”
Adding: “The requirements to be licensed and operate in Bermuda are not trivial. Our successful launch of Grove Re reflects Mangrove’s commitment to invest in both capabilities and financial protection to fulfil our mission of being a partner for the long-term with policyholders and agents across Florida.”
