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Mangrove launches Bermuda sidecar Grove Re to tap third-party capacity
The insurer says the Bermuda Class 3A vehicle, licensed in March, is intended to support long-term risk management and underwriting while improving capital efficiency for Florida growth.
Mangrove Property Insurance Company, a Florida specialist insurer, has launched Grove Re Ltd., its first sidecar reinsurance vehicle, to expand access to third-party reinsurance capital. The company said Grove Re will operate on an aligned basis with Mangrove as part of its risk transfer strategy.
Grove Re was established in Bermuda in March and has since been licensed there as a Class 3A insurance company. Mangrove said the structure is designed to support its long-term risk management and underwriting strategy, enhancing risk transfer efficiency, optimizing capital usage, and backing sustainable growth across Florida.
The move builds on Mangrove’s prior reinsurance activity, including sponsoring a catastrophe bond earlier this year. In May 2026, the insurer secured $111 million of named storm reinsurance protection from its debut Buttonwood Re Ltd. (Series 2026-1) catastrophe bond.
Mangrove’s CEO Steve Weinstein said the Bermuda licensure and operating requirements were not trivial, and he framed Grove Re as strengthening capital efficiency, risk management, and third-party capital access. The company said the vehicle is wholly owned within its group and is intended to reinforce long-term stability for Mangrove policyholders.