Florida's Patriot Select Resumes Depopulation Role After Supervision Lift

Anchor Property & Casualty Insurance Co., now rebranded as Patriot Select Property & Casualty Co., has exited administrative supervision by the Florida Office of Insurance Regulation (OIR) after submitting revised business plans and documentation. The firm initially entered Florida's property insurance market in 2014 through the state's depopulation program, which aims to transfer policies from the state-run insurer of last resort, Citizens Property Insurance Corporation. Financial difficulties in 2020 led to the transfer of its book of business to HCI Group Inc. and the imposition of regulatory supervision by the OIR.

Following the regulatory clearance and rebranding, Patriot Select has re-engaged in Florida's depopulation space, seeking to assume 39,000 policies from Citizens in March 2025. The consent order requires the company to notify OIR of changes in executive leadership or board members for three years, demonstrating regulatory oversight continuity. The company's leadership under John Rollins, an experienced Florida insurance industry veteran with previous roles at Citizens Property Insurance, signals seasoned management steering the firm's renewed market activities.

This development occurs amid ongoing efforts by Florida lawmakers and regulators to stabilize the state's volatile property insurance market. Since 2021, legislative reforms and regulatory approvals have facilitated the entry of multiple property insurers to diversify options and fortify market stability. Notable company approvals include Centauri Specialty, Slide Insurance, Sutton National, Loggerhead Reciprocal Interinsurance Exchange, VYRD Insurance, Mainsail Insurance, Orion180 Select, Orion180 Insurance, and Condo Owners Reciprocal Exchange.

These regulatory actions reflect Florida's strategic approach to enhancing competitive dynamics and managing risk exposure within its property insurance sector. The re-emergence of Patriot Select in the depopulation program underscores the ongoing reshaping of the insurer landscape aimed at reducing the burden on Citizens Property Insurance. Monitoring the effectiveness of these policies remains critical as the state navigates persistent market challenges and seeks to protect consumers through a more stable insurance environment.