A new Bermuda reinsurer is the latest expansion initiative of Mangrove Property Insurance Company, the Florida-based property and casualty insurer founded by Bermuda industry veteran Stephen Weinstein.

Grove Re Ltd is a Bermuda-domiciled Class 3A insurance company created to support Mangrove’s long-term risk management and underwriting strategy.

The insurer said Grove Re’s formation reflects Mangrove’s disciplined, data-driven approach to underwriting, its strategic vision to operate for the long-term across market cycles, and the company’s commitment to building a resilient, scalable platform focused on Florida — one of the world’s most significant and complex property insurance markets.

Grove Re, it said, will play a key role in enhancing Mangrove’s risk transfer efficiency, optimising capital deployment, and supporting sustainable growth across Florida.

Mangrove founder and CEO Stephen Weinstein said: “We are pleased to announce the formation of Grove Re, and its licensure in Bermuda, a pre-eminent 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.”

“The requirements to be licensed and operate in Bermuda are not trivial,” Mr Weinstein added.

“Our successful launch of Grove Re reflects Mangrove's commitment to invest in both capabilities and financial protection to fulfil our mission of being a partner for the long-term with policyholders and agents across Florida.”

A little more than two months ago, Mangrove sponsored its inaugural catastrophe bond transaction, Buttonwood Re Ltd 2026-1 in Bermuda, marking the company’s debut in the insurance-linked securities market.

The issuance secures $111 million of fully collateralised reinsurance protection to support Mangrove’s continued growth and provide multiyear, capital efficient coverage for Florida named storm risk.

Mangrove was based in St Petersburg as a start-up last year to offer admitted homeowners’ insurance in Florida.