Florida-based property and casualty insurer Mangrove Property Insurance Company has announced the establishment of Grove Re Ltd., a Bermuda-domiciled Class 3A insurance company to support its long-term risk management and underwriting strategy. The formation of Grove Re reflects Mangrove’s disciplined, data-driven approach to underwriting, its strategic vision to operate for the long-term across market cycles. By operating in Bermuda, Grove Re will provide Mangrove with enhanced access to international reinsurance third-party capital, reinforcing the group’s capacity to navigate volatile market cycles. “We are pleased to announce the formation of Grove Re, and its licensure in Bermuda, a preeminent market both for commercial re/insurance relationships, and for robust oversight and operating standards,” Mangrove founder Stephen Weinstein commented. Weinstein emphasised that Grove Re will operate on a fully aligned basis within the corporate group to bolster financial stability for Florida policyholders and distribution partners.