Patriot Select Property and Casualty Insurance Reports Strong 2025 Performance

Patriot Select Property and Casualty Insurance Company, headquartered in St. Petersburg, Florida, has unveiled its financial results for 2025, showcasing robust performance since its inception in June of the same year. The company, which started with $30 million in capital, reported a statutory net underwriting gain of $2 million. This result underscores the firm’s effective operational model and rigorous risk management practices. During 2025, Patriot assumed approximately 26,000 policies from Citizens Property Insurance Corporation, helping to reduce the potential for taxpayer-funded insurer assessments and providing a private insurance option for these policyholders. Additionally, the company issued over 1,600 new policies in the open market as of March 2026.

Patriot’s statutory surplus increased from $29.5 million at inception to $31.3 million by the end of the year, with a Risk-Based Capital ratio significantly exceeding required levels at over 14 times. Their reinsurance strategy for 2025 offered protection against severe weather events, including hurricanes and multiple storms. All profits from 2025 have been reinvested into the surplus to sustain current policyholders and support the insurer's strategic growth plans for 2026. Marcia Lamb, CFO of Patriot Select, noted, "Achieving profitability in our first year highlights the financial expertise of our team and our commitment to disciplined underwriting," affirming the company's strategy and capacity to provide Florida homeowners with capital strength and stable premiums long-term.

Looking ahead, Patriot Select aims to reduce rates for most policyholders, attributed to the company’s strong initial performance and fewer claims within its open-market portfolio. This decision seeks to provide ongoing value and reinforce stability in Florida’s insurance market.