St. Petersburg Insurance Startup Acquires 12,000 Citizens Policies
St. Petersburg-based Patriot Select Property and Casualty Insurance Co. has acquired nearly 12,000 homeowners ‘multi-peril’ insurance policies from Citizens Property Insurance Corp. The policies are spread across Florida, excluding Monroe County in the Florida Keys.
Most policyholders will continue working with their current insurance agents and will be offered renewal policies directly from Patriot Select. The company’s CEO, John Rollins, expressed pride in this development, stating, “We’re committed to helping stabilize Florida’s property insurance market while providing outstanding service, meaningful coverage options, and strong financial backing for the long term.”
This acquisition follows Patriot Select’s recent launch of its homeowners (HO3) insurance product, now available statewide through Florida’s independent insurance agents. In addition to renewing Citizens’ policies, the company is actively accepting new business and agent appointment applications across Florida.
Citizens Property Insurance Corp., created as the state-run insurer of last resort, has seen its policy count decrease significantly following legislative reforms and efforts by the Florida Office of Insurance Regulation. As of April 30, Citizens had 809,904 policies, down 31.8% from 1.18 million policies on April 30, 2024, and down 36.3% from 1.27 million policies on April 30, 2023.
