Steve Weinstein, founder of Mangrove Property Insurance Company, has said that Florida’s homeowners market is stabilizing as reforms and Citizens depopulation move policyholders to private carriers and lower premiums. The statement was made on LinkedIn.
“We’re grateful for the legislative and regulatory reforms that stabilized Florida’s insurance market, and for the opportunity Mangrove Property Insurance has had to partner with independent agents and Citizens Property Insurance Corporation to give homeowners a sustainable private market option,” said Weinstein, according to LinkedIn. “The latest Citizens count is 40% smaller than the corporation’s peak of 1.3 million policies in force in September 2023, three months before Florida lawmakers enacted changes that curtailed one-way attorney fees and disincentivized claims litigation. A smaller insurer of last resort means more policyholders are turning to private carriers as private insurer premiums are declining – another sign that the legislative reforms and a Citizens depopulation program have had an impact. The once-distressed Florida market is now stabilizing, insurers and Citizens’ officials have said.”
Florida’s homeowners insurance market is undergoing significant changes driven by recent reforms. According to the Insurance Journal, post-2023 legal reforms that limited one-way attorney fees and adjusted Citizens Property Insurance’s take-out framework have reduced the state-run insurer’s exposure by approximately 40% since its peak in 2023. Officials note an improved private-market appetite and fewer lawsuits, indicating stabilization after years of crisis.
According to Citizens Property Insurance Corporation, the state-backed insurer had about 568,914 homeowners policies in force at the end of October 2025, down from roughly 1.3 million in September 2023—a 56% drop attributed to its depopulation efforts transferring customers to private carriers following legislative reform. This reduction marks a significant retreat from record highs.
As reported by Insurance Business, Florida homeowners premiums showed their first sustained easing in years, with 27 insurers filing decreases and 41 filing no change by late 2024. State data indicated an average 0.7% quarterly decline in Q4 2024, reflecting litigation reforms and stronger reinsurance access after years of sharp hikes. Early trends in 2025 show relative premium stability.
Weinstein is a veteran insurance executive who previously served as chief legal officer and executive vice president at RenaissanceRe, where he guided global reinsurance strategy and governance. He launched Mangrove Property to expand Florida’s private-market homeowners capacity after reforms.
Mangrove Property Insurance Company is a Florida-based admitted homeowners insurer founded in 2025 by Weinstein. As reported by The Insurer, the company was approved by state regulators in January 2025 and designed to assume policies from Citizens Property Insurance Corporation. Mangrove operates as a traditional carrier, not a reciprocal, targeting long-term stability in Florida’s post-reform market.
