Mangrove Property Insurance Company, a new Florida homeowners insurer, is celebrating its strategic partnership with Bermudian-based Gallagher Re for the reinsurer’s instrumental role in Mangrove’s successful market entry.

Mangrove marked its inaugural year of providing Florida homeowners property and casualty coverage by honouring 200 partners from the state’s independent agent community, global reinsurers and industry stakeholders.

Mangrove used a commemorative event to recognise the relationships central to the company’s launch and early success, while bringing together Mangrove’s team to applaud its milestone.

Stephen Weinstein, Mangrove’s chief executive, said: “Mangrove was built on the belief that strong partnerships create strong outcomes.

“In our first year, the support of Florida’s independent agents, our global reinsurance partners and the broader insurance community enabled us to launch with strength, discipline and clarity of purpose.

“Our inaugural celebration was a meaningful way to thank those partners and reflect on what we’ve built together.”

The company said their inaugural reinsurance programme was supported by a deep panel of leading global partners, and achieved record-setting results, reflecting both its underwriting excellence and the longstanding, trusted relationships between Mangrove executives and global reinsurers.

Mangrove remains committed to Florida’s independent agents across all 67 state counties, and recognised the attending representative trade associations.

A company statement said: “Mangrove’s strategic partnership with Bermudian-based Gallagher Re was also celebrated for its instrumental role in the company’s successful market entry.”

Mr Weinstein said: “I was particularly proud to bring a large delegation of our Florida-based team together to meet and thank our capital partners in person.

“As we look ahead, we remain focused on building a company for the long term that is financially strong, operationally disciplined and deeply aligned with the needs of Florida homeowners.

“We’re proud of what we’ve accomplished in our first year, grateful to those who helped us get here and energised by what lies ahead.”