Demotech, Inc. Recognizes Mangrove Property Insurance with A Exceptional Rating

Demotech, Inc. Acknowledges Mangrove Property Insurance Company with An Exceptional Rating

In a significant development for the insurance sector, Demotech, Inc. has bestowed a Financial Stability Rating® (FSR) of A, denoting Exceptional status, upon Mangrove Property Insurance Company. This recognition showcases Mangrove's robust financial foundation and commitment to serving policyholders amidst the challenges of Florida's unpredictable weather conditions.

According to Joseph L. Petrelli, the President and Co-founder of Demotech, the firm began its journey in Florida over thirty years ago with a mission to evaluate insurers established to alleviate the pressures on the Florida Residential Property Casualty Joint Underwriting Association. Today, Demotech continues to serve as a beacon for financially sound insurance companies nationwide by determining Financial Stability Ratings® based on various factors. These include the effectiveness and execution of an insurer's business model, the overall financial health of the company, and the quality of its reinsurance programs.

Sharon Romano Petrelli, Demotech's Vice President and Co-founder, expressed pride in the agency's role, highlighting that Demotech has become the preferred ratings agency for a significant number of new insurers recently licensed by the Florida Office of Insurance Regulation. With nearly three decades of experience evaluating insurers specifically focusing on disaster-prone areas like Florida, Demotech has earned a reputation as a trusted authority in the sphere of insurance ratings.

The aquatic ecosystem from which Mangrove derives its name serves as a metaphor for its resilience and operational philosophy. Just like mangrove trees that thrive in coastal regions despite challenging conditions, Mangrove Property Insurance Company aims to prosper and support its clients who may be affected by hurricanes and other natural calamities. The company’s mission aligns with its namesake, emphasizing commitment to not just surviving but excelling even in tough circumstances.

Demotech's rigorous criteria for assigning an FSR of A, Exceptional, encompass a range of financial indicators. These include maintaining a substantial surplus for policyholders, ensuring high liquidity of assets, managing a reasonable ratio of financial leverage, holding adequate loss reserves, and establishing realistic pricing strategies. Mangrove's adherence to these principles has convinced the Office of Insurance Regulation of its capability to provide exceptional service to its clients.

About Demotech, Inc.

Founded in 1985, Demotech, Inc. is a financial analysis firm headquartered in Columbus, Ohio, dedicated to providing impartial and independent Financial Stability Ratings® across various segments including Property & Casualty and Life & Health insurance sectors. Recognized as the first entity to have its rating evaluation methodology sanctioned by leading housing finance bodies—Fannie Mae, Freddie Mac, and HUD—Demotech’s ethos revolves around democratizing access to financial ratings for insurance providers of all sizes. Since July 2022, Demotech has been registered as a nationally recognized statistical rating organization (NRSRO) by the U.S. Securities and Exchange Commission (SEC), setting the standard in the insurance ratings industry.

About Mangrove Property Insurance Company

Established with an intent to deliver sustainable property and casualty insurance solutions, Mangrove Property Insurance Company has carved a niche for itself within the Florida insurance landscape. The company seeks to meet the evolving demands of its policyholders while simultaneously fostering long-term market stability and resilience.

Operational excellence is central to Mangrove's service approach. The company prioritizes customer satisfaction through efficient claims handling and state-of-the-art support systems. Additionally, Mangrove offers an innovative “options to repair” program, aimed at restoring properties to their original quality or better following damage.

With a focus on enduring financial stability and unwavering operational excellence, Mangrove takes pride in being a reliable partner to Florida residents navigating the uncertainties of property and casualty insurance in today’s world.

Through solid foundational principles and a proactive service model, Mangrove Property Insurance Company is poised to continue its growth and resilience within the insurance sector, reflecting its commitment to safeguarding the interests of its clientele in Florida’s diverse and challenging environment.