Patriot Select assumes 12,000 Citizens policies in June takeout

By Michael Loney

June 24 - (The Insurer) - Patriot Select Property and Casualty Insurance Company has assumed nearly 12,000 homeowners multi-peril insurance policies from Citizens Property Insurance Corporation.

The takeout was effective June 17, with Patriot Select describing it as a “significant milestone” for the company.

The newly assumed policies represent customers located throughout most of Florida, excluding Monroe County.

This announcement follows John Rollins-led Patriot Select’s recent launch of its homeowners (HO3) insurance product. In addition to renewing Citizens’ policies, the company is accepting new business and agent appointment applications across Florida.

Patriot Select also said it has secured a “robust reinsurance program that exceeds the standards required by Demotech and the Florida Office of Insurance Regulation”.

The fully placed reinsurance covers up to three named storms in 2025, including hurricane losses well beyond minimum statutory requirements. Acrisure Re serves as Patriot Select’s reinsurance broker.

In addition, Patriot Select said it has raised several million dollars in additional capital to reinforce its financial strength and fulfill its commitments to both Citizens depopulation customers and its open-market homeowners program.

In an interview with The Insurer in April, CEO Rollins said Patriot Select had raised $30 million of capital to date to support its launch, and wanted to secure another $5 million before June 1.

Patriot Select is the rebooted Anchor Property & Casualty Insurance Company, which launched in 2014 but entered regulatory supervision in 2020.

The company in April secured regulatory approval from the Florida Office of Insurance Regulation to write admitted homeowners business in the Sunshine State.