Mangrove Property Insurance Company has secured a record-setting catastrophe reinsurance programme for the 2026 Atlantic Hurricane Season, providing protection against both the frequency and severity of catastrophe events, with coverage extending to a 1-in-175-year storm.
The programme also includes aggregate cover for protection against third and fourth events, as well as the placement of a $111m catastrophe bond.
Mangrove also explained that the new programme exceeds all state regulatory and rating agency requirements and is backed by leading global reinsurance players, with substantial capacity provided by more than 30 of the world’s largest and strongest reinsurers.
This capacity level reportedly aligns with the firm’s vision of market leadership in Florida, its collaborative approach, and its strategy of being an optimised partner for global reinsurers across market cycles.
Mangrove founder and CEO Stephen Weinstein commented, “Mangrove’s all-star team of experienced professionals, our clean balance sheet, underwriting culture and our strong risk management capabilities make us an attractive Florida-based property and casualty company to partner with and to set a new standard of reinsurance protection for our policyholders.
“We’re thankful for this record-setting level of support from global market reinsurers and appreciate the partnership-oriented approach reflected in our market acceptance.”
Earlier this week, Mangrove 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 further reflects Mangrove’s disciplined, data-driven approach to underwriting, its strategic vision to operate for the long-term across market cycles, and the company’s commitment to building a resilient, scalable platform focused on Florida,” the firm explained.
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