Mangrove launches Bermuda reinsurance arm Grove Re to strengthen Florida risk strategy

Florida-based P&C insurer Mangrove has established Grove Re, a Bermuda-domiciled reinsurer founded by industry veteran Stephen Weinstein (pictured), to strengthen risk transfer, improve capital efficiency and support its long-term underwriting strategy in Florida.

Grove Re, licensed as a Class 3A insurance company in Bermuda and wholly owned within the Mangrove group, will support Mangrove’s risk management and underwriting operations.

Mangrove said Grove Re will enhance its access to reinsurance and third-party capital while supporting sustainable growth across Florida, a key market for the company.

The reinsurer will operate on an aligned basis with Mangrove and forms part of the insurer’s strategy to build a resilient and scalable platform focused on Florida.

Weinstein said: “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. 

“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.”

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