Patriot Select Property and Casualty Insurance Company has completed the assumption of 10,421 policies from Citizens Property Insurance Corporation as of Oct. 21, 2025.
The move marks the insurer's second takeout from Citizens this year, bringing its total 2025 assumptions to 22,275 and underscoring its continued growth as a private market player in Florida's residential property sector.
The assumption forms part of a broader depopulation strategy led by Citizens and state regulators to transfer policies back to private carriers. Citizens’ policy count has grown rapidly in recent years as multiple hurricanes, rising reinsurance costs and inflation drove several insurers into insolvency and discouraged new entrants. This expansion placed financial pressure on the state-backed insurer, which was established as Florida’s insurer of last resort.
"Each successful assumption represents more homeowners gaining access to reliable coverage and responsive service from a Florida company built for Florida’s unique risks," said Patriot Select CEO John Rollins (pictured). "As the market stabilizes, we remain focused on sustainable growth and prudent underwriting that protect both our policyholders and the long-term health of the state’s insurance system."
As market conditions stabilize and new capital re-enters the state, Citizens has encouraged financially sound private carriers, such as Patriot Select, to assume policies to reduce its exposure. The process helps shift risk away from taxpayers and toward the private market, lowering the potential for post-hurricane assessments on all Florida policyholders.
Patriot Select said the policy transfers reflect its commitment to supporting a sustainable insurance market that is capable of withstanding Florida’s recurring hurricane risks. The company has been selectively expanding its portfolio, focusing on adequate rates, strong reinsurance protection, and disciplined underwriting to ensure long-term stability.
By assuming policies from Citizens, Patriot Select also helps restore competition in the private market and provides homeowners with access to tailored coverage and local service. The insurer said the success of the takeouts demonstrates increasing confidence in Florida’s private insurance sector following recent legislative reforms designed to curb litigation and attract new capacity.
Patriot Select expects to assume several thousand additional Citizens policies before the end of 2025, continuing its measured expansion. The company said it remains focused on maintaining prudent growth and reinforcing confidence in the state’s property insurance system.
