Rebirth of Patriot Select Property and Casualty Insurance in Florida Market
After previously operating as Anchor Property & Casualty Insurance Co. in St. Petersburg, Florida, since its launch in 2014, Patriot Select Property and Casualty Insurance has emerged as a new player in the reformed Florida insurance market. The company aims to have at least 40,000 policies in force by the end of this year. CEO John Rollins, a veteran in Florida’s property insurance world with over 30 years of experience, has successfully raised capital and assembled a management team over the past 18 months. “We’re very pleased to be fully capitalized. We should have about $29 million in the carrier to start,” Rollins stated.
Rollins has previously served as chief financial officer at Olympus Insurance and risk officer at Citizens Property Insurance Corp. The new management team includes Kelly Booten, formerly COO at Citizens, as the new COO, and Marcia Lamb, previously with Kin Insurance, Centauri, and Universal North America, as CFO. Florida’s insurance commissioner approved Patriot Select through a consent order dated April 14.
The company is technically a revival of Anchor, first licensed in Florida in 2014, but Rollins emphasizes that “the capital, the management team, the board, and the business plan are totally different” from its predecessor. The startup capital primarily comes from recognizable insurance services firms, including brokerages, claims firms, and managing general agents, with a significant contribution from Florida-based individuals and smaller investors.
Patriot Select will initially focus on residential policies across Florida, excluding Key West and Monroe County. The carrier plans to make takeout offers on 39,500 Citizens policies, with Rollins optimistic that its “average level” rates will lead to at least a 60% acceptance rate by June. Following another potential takeout offer in December, the company will rely on voluntary, open-market sales through insurance agents. Patriot Select may offer an optional roof-age/actual cash value endorsement and plans to provide policyholders with the option to use preferred contractors for repairs after storm damage.
Rollins remains cautiously optimistic about the impact of recent policy decisions by the Trump administration on insurance repair costs and premiums, stating that “things are working pretty smoothly in Florida now.” The company has a five-year plan focused on growing its homeowners business and is not considering an initial public offering (IPO) at this stage.
The emergence of Patriot Select as the 13th new property insurer in Florida over the last three years is seen as a positive sign that the 2022 and 2023 legislative reforms are having their intended effect of fostering competition and reducing litigation levels in the state’s insurance market.
