By Chris Munro

April 21 - (The Insurer) – Patriot Select Property & Casualty Insurance Company has secured a financial stability rating $(FSR)$ of A, Exceptional from Demotech as the John Rollins-led Florida homeowners carrier readies to begin building out its book of business.

As this publication reported last week, Patriot Select has been given the green light by the Florida Office of Insurance Regulation (FLOIR) to begin writing admitted homeowners HO-3 business in the Sunshine State.

In a statement, Patriot Select noted that Demotech assigns FSRs of A to companies that “demonstrate exceptional financial stability related to maintaining positive surplus as regards policyholders, strong liquidity of invested assets, sound financial leverage, reasonable loss and loss adjustment reserves, and prudent pricing strategies."

Patriot Select president Rollins said the A rating “affirms our mission to deliver dependable, well-capitalized, and customer-focused insurance solutions for Florida homeowners."

“We are committed to serving our policyholders with integrity, efficiency, and resilience – especially when they need us most,” Rollins said.

St. Petersburg-based Patriot Select is the rebooted Anchor Property & Casualty Insurance Company, which opened for business in 2014 but was placed under FLOIR’s supervision in 2020 having suffered repeated losses and its capital and surplus falling significantly in 2019.

Anchor sold its insurance policies to Homeowners Choice Property & Casualty Insurance Company in early 2020, while Weston Insurance bought affiliated Texas carrier Anchor Specialty Insurance and its associated MGA, leaving little but an insurance company shell.

Rollins joined Anchor as CEO in late 2023, and has since embarked on transforming that shell into the rebooted Patriot Select.

Alongside Rollins at Patriot Select are chief operating officer Kelly Booten and chief financial officer Marcia Lamb.

Patriot Select can now write business after FLOIR announced on April 14 that the conditions justifying its supervision over the carrier “have been remedied."

In the announcement, FLOIR said Patriot Select “shall be released from supervision and may resume the transaction of homeowners’ insurance in the state of Florida” provided the carrier meet certain requirements.

Those requirements include approval of forms, rules and rates, placement of its reinsurance program and an FSR “that is acceptable to the secondary mortgage market."

The Demotech FSR meets that requirement.

In a statement confirming it had secured the FSR of A from Demotech, Patriot Select said it has entered the market “with strong capitalization, a veteran leadership team, a rigorous underwriting approach, and robust reinsurance partnerships."

“Patriot Select aims to be a stable, long-term solution for Floridians navigating a complex insurance environment,” the company declared.