Patriot Select Re-Enters Florida's Reformed Insurance Market with Bold Strategy

In a bold re-entry into the reformed Florida insurance market, the company formerly known as Anchor Property & Casualty Insurance Co. has rebranded as Patriot Select Property and Casualty Insurance. The revamped insurer, backed by fresh capital and a reshuffled management team, is targeting a penetration of at least 40,000 policies by year's end. CEO John Rollins, drawing on his extensive experience in the Florida insurance landscape, spearheaded a capital raise of $29 million to rejuvenate this entity first licensed back in 2014. Alongside newcomers like COO Kelly Booten and CFO Marcia Lamb, who bring veteran expertise from other notable firms, Patriot Select aims to diverge sharply from its predecessor's legacy.

Under newly enacted reforms in Florida, which have begun to yield lower litigation levels and a drop in average homeowners' insurance rates, Patriot Select is embarking on a takeout strategy of nearly 40,000 policies from Citizens. This ambitious move, set for June and despite the challenges of hurricane season, showcases the company's strategic agility backed by favorable industry and regulatory conditions. As Florida's property insurance market stabilizes, Patriot Select is poised to capitalize on these developments, excluding condo and rental coverage but potentially offering specialized endorsements to homeowners.

Looking forward, Patriot Select is not merely surviving but aiming to thrive, with no immediate plans for public offerings but a strategic focus on expanding its homeowners’ insurance footprint amid a stabilizing market. As it navigates the complexities of reinsurance and regulatory shifts, the firm remains committed to its five-year growth plan, eschewing immediate IPO considerations in favor of solidifying its market position.