Demotech, Inc. assigns Financial Stability Rating® of A, Exceptional, to Mangrove Property Insurance Company

COLUMBUS, Ohio, Feb. 6, 2025 /PRNewswire/ -- Demotech, Inc. has assigned a Financial Stability Rating® (FSR) of A, Exceptional, to Mangrove Property Insurance Company. The Company will be participating in a take-out of Citizens Property Insurance Corporation policies that meet its current selection criteria.

According to Demotech's President and Co-founder, Joseph L. Petrelli, "Demotech, Inc.'s initial activity in Florida commenced thirty years ago with the need to review and rate insurers formed to depopulate the Florida Residential Property Casualty Joint Underwriting Association. Today, we continue to assist financially stable insurers countrywide by assigning Financial Stability Ratings® (FSRs) based, in part, upon business model, execution of the business model, and the complementary nature of a carrier's reinsurance program."

Demotech Vice President and Co-founder, Sharon Romano Petrelli, notes: "Demotech is proud to be the rating agency of choice for eight of the ten insurers recently licensed by the Florida Office of Insurance Regulation. The capability, expertise, and experience of our rating analysts, honed by three decades of reviews of carriers focused on Florida, has made Demotech the 'go-to' insurer ratings agency for carriers writing in catastrophe prone areas."

Romano added, "The name of the Company encompasses its intent to feature and focus on resiliency. Mangroves are trees and shrubs that grow in tropical coastal areas. They are capable of flourishing as well as surviving in salty, low-oxygen soil, despite being periodically submerged by tides. The Company expects hurricanes from time to time and wants to help its policyholders flourish and survive.  Their name reflects their mission."

Demotech assigns FSRs of A, Exceptional, to insurers that possess exceptional financial stability related to maintaining positive surplus as regards policyholders, high liquidity of invested assets, an acceptable level of financial leverage, reasonable loss and loss adjustment expense reserves, and realistic pricing.  Mangrove has convinced the Office of Insurance Regulation that it has these capabilities, among others.

About Demotech, Inc.

Established in 1985, Demotech, Inc. is a financial analysis firm located in Columbus, Ohio. Demotech has served the insurance industry by providing objective and independent Financial Stability Ratings® (FSRs) for Property & Casualty insurance companies, Life & Health insurance companies, and Title underwriters, among others. As the first company to have its rating process formally reviewed and accepted by Fannie Mae, Freddie Mac, and HUD, Demotech has been leveling the playing field by offering FSRs to insurers of all sizes. As of July 11, 2022, Demotech is registered with the U.S. Securities and Exchange Commission (SEC) as a nationally recognized statistical rating organization (NRSRO) in the class of ratings for insurance companies. Visit www.demotech.com for additional information.

About Mangrove

Mangrove Property Insurance Company was established with the strategic vision of providing sustainable, long-term property and casualty insurance solutions tailored to the Florida market. Our goal is to meet the evolving needs of policyholders while fostering market stability and resilience.

Operational excellence is a cornerstone of Mangrove's strategy, with a focus on delivering efficient, customer-centric services. We intend to accomplish this through robust claims management, modern and innovative system support, and an option to repair program aimed at restoring policy holder homes back to, or better than, their original structure.

Mangrove is committed to financial stability, operational excellence, and long-term sustainability. We look forward to serving Florida as a permanent franchise within the property & casualty insurance market.

SOURCE Demotech, Inc.