It's only been a few months since a new insurance company was approved to launch in Florida, and now, they've already taken over thousands of policies.
Patriot Select Property and Casualty Insurance announced on Tuesday that they have assumed 12,000 policies from Citizens Property Insurance Corporation, effective today.
The move comes as part of Citizens' take-out process, allowing Patriot Select to be on thousands of letters as an option for homeowners.
The company was approved to enter the state market in April. CEO John Rollins told ABC Action News that they were trying to raise capital for about a year and a half, and it wasn't particularly easy to convince investors—especially right before the 2025 hurricane season.
"These investors have picked up the paper and read the headlines that Florida was a mess. There was too much litigation in the claims environment. Had a lot of hurricanes hitting at the same time. Insurance companies, some of them, were not doing well, and we even had some insolvencies," Rollins said back in April. "But again, once the 2024 season started to wind down, and people saw that, wow, these legislative reforms have really worked."
Rollins will take part in our State of Insurance Town Hall, where a team of panelists will answer your insurance questions this hurricane season. Stream the event on ABC Action News+ at 7:30 p.m.
"We don't come home until they do."
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