A new property insurance company approved in the Florida marketplace, Patriot Select Property and Casualty Insurance Company, has now been given the green light to assume up to 30,000 policies from Citizens Property Insurance Corporation, the state’s insurer of last resort, in the fourth quarter of this year.
The approval follows Patriot Select’s successful participation in a Citizens takeout in June, which resulted in the assumption of 12,000 policies from Citizens. Since then, Patriot Select has been actively writing new homeowners policies through its expanding network of independent insurance agents across Florida, offering what the company describes as flexible and competitive coverage options.
“We’re proud to play a meaningful role in reducing the number of policies in Citizens and bringing private market solutions to Florida homeowners,” Patriot Select CEO John Rollins said. “Our strategy is rooted in disciplined underwriting, robust reinsurance, and strong partnerships with trusted local agents.”
Customers assumed that Citizens would retain their insurance agents and, in most cases, be offered renewal policies directly from Patriot Select. The company’s preferred program is also accepting applications from new policyholders across the state.
The company received formal approval from the Office of Insurance Regulation (OIR) to begin operations in April.
The company is backed by seasoned industry leadership, institutional capital and a forward-looking business model, according to its leadership, entering the market with a mission to deliver dependable, long-term insurance solutions for Florida homeowners.
The St. Petersburg-based company will partner with independent agents across Florida to ensure consumers are accessing professionals with a unique understanding of their communities’ insurance needs.
The company said in its launch announcement that strong financials and robust catastrophe reinsurance are backing it. It has designed what company leadership describes as a disciplined risk management approach and plans to provide customers with a responsive claims handling practice designed to ensure dependable support, even in the wake of severe storms.
As part of its formation, Insurance Advisory Partners LLC served as exclusive financial adviser to Patriot Select and exclusive placement agent for the notes, helping guide the overall transaction strategy.
Acrisure Re, the reinsurance division of global fintech leader Acrisure, also played a key role in the transaction, aligning strategic capital with deep industry expertise. The firm’s specialized catastrophe and capital advisory teams provided technical and consulting support throughout the process.
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