Mangrove marks inaugural cat bond with Bermuda Stock Exchange bell-ringing

Mangrove Property Insurance celebrated its first catastrophe bond, Buttonwood Re Ltd., with a bell-ringing ceremony at the Bermuda Stock Exchange on Aug. 18. The $111 million deal adds multi-year Florida named storm protection as Mangrove expands its capital base and reinsurance partnerships.

Why it matters: - Mangrove’s inaugural cat bond adds $111 million of fully collateralized reinsurance protection for Florida named storm risk. - The structure is designed to support Mangrove’s growth while giving the Florida homeowners insurer multi-year, capital-efficient coverage. - The deal also broadened Mangrove’s investor base, with Buttonwood supported by more than 20 investors, most of them new capital partners.

What happened: - Mangrove Property Insurance celebrated Buttonwood Re Ltd. with a bell-ringing ceremony at The Bermuda Stock Exchange on Tuesday, Aug. 18. - Buttonwood Re is Mangrove’s first catastrophe bond and its debut transaction in the insurance-linked securities market. - Mangrove launched the deal in June through Buttonwood Re (Series 2026-1).

The details: - Buttonwood Re secured $111 million of fully collateralized reinsurance protection. - The coverage is intended to support continued growth at Mangrove and provide multi-year protection against Florida named storm losses. - BSX President and CEO Greg Wojciechowski congratulated Mangrove founder and CEO Stephen Weinstein and presented him with a trophy during the ceremony. - Weinstein said Bermuda is the global hub for cat bonds and described the BSX as the global leader for cat bond listings. - Mangrove said the market reception to Buttonwood Re was strong and that the transaction provides important new protection for policyholders. - The company said the structure includes efficiently organized multi-year and aggregate cover.

Between the lines: - The bell-ringing ceremony signals Mangrove’s push to establish itself as a more permanent player in Florida homeowners insurance. - The transaction also shows Mangrove leaning on capital markets, not just traditional reinsurance, to manage catastrophe exposure. - The new investor lineup suggests the company is trying to deepen relationships with ILS investors as it scales.

What's next: - Mangrove said it intends to remain an optimal long-term partner for reinsurers and ILS investors. - The company will likely use the new capital support to keep expanding its Florida homeowners business. - Mangrove continues to market itself to agents across all 67 Florida counties.

The bottom line: - Buttonwood Re gives Mangrove fresh catastrophe protection, a larger capital partner network and a public marker of its growing role in the Florida insurance market.