WEST PALM BEACH, Fla. — A new insurance company is coming to Florida.
Patriot Select is the 13th new insurer allowed to do business in the state in the last two years. The company is a reorganization of former Anchor Insurance with new management and a new business plan.
"I would describe it as a little more than a rebrand," CEO John Rollins said. "The company is what we would call in the insurance industry a clean shell."
Rollins talked with WPTV reporter Matt Sczesny on Thursday about the new management and new business plan for Patriot Select Insurance in Florida, which includes writing policies across Florida.
"I will say we will probably be shooting mostly for homes 40 to 45 years old and newer, but we are willing to write older homes as long as the infrastructure of that home — like the plumbing, ventilation and electrical — are up to date and more importantly if the roof has been maintained," Rollins said.
Rollins said they're backed with $30 million in capital and an A rating.
The new insurer will begin with roughly 25,000 take-out offers for Citizens Insurance policies, Rollins estimates. That's something many new insurers in Florida are doing, according to agent Robert Norberg.
"A lot of them are not voluntary writing statewide," Norberg said. "If they are voluntary writing, some of them are picking and choosing the areas in the state."
Rollins said Patriot Select will be writing voluntary policies largely because of the litigation reforms from two years ago.
"So we don't have to fear being concentrated in West Palm, Broward, Miami-Dade (counties) quite as much as we would have five years ago," Rollins said.
Anchor plans to start writing policies this year, both with Citizens take-outs and voluntary policies.
Matt Sczesny is determined every day to help you find solutions in Florida's coverage collapse. If you have a question or comment on homeowners insurance, you can reach out to him any time.
