Patriot Select Assumes 12,000 Florida Homeowners Policies from Citizens

Patriot Select Property and Casualty Insurance Company has taken over nearly 12,000 homeowners multi-peril insurance policies from Citizens Property Insurance Corporation effective June 17. This transition excludes Monroe County and covers policyholders throughout most of Florida. The company recently launched its HO3 homeowners insurance product and is now accepting new business and agent appointments statewide.

Patriot Select has established a robust reinsurance program exceeding the standards required by Demotech and the Florida Office of Insurance Regulation. The program covers potential losses from up to three named storms in 2025, with Acrisure Re acting as the reinsurance broker. Additionally, the company has raised several million dollars in capital to strengthen its financial position and support both the depopulation customers from Citizens and its open-market homeowners program.

The company is a reboot of Anchor Property & Casualty Insurance Company, which faced regulatory supervision in 2020. In April, Patriot Select obtained regulatory approval to underwrite admitted homeowners insurance in Florida from the state's Office of Insurance Regulation, positioning itself as a growing player in the state's homeowners insurance market.