Patriot Select, a U.S. property and casualty insurance company, has confirmed the successful completion of its 2026 catastrophe reinsurance program, which will be effective June 1, 2026.
The arrangement is designed to provide financial protection against hurricane losses and severe weather events while maintaining and exceeding the expectations of Florida regulatory standards and rating agencies.
Patriot Select Property and Casualty Insurance Company said the 2026 structure could provide about $310 million in catastrophe coverage for a major hurricane scenario.
This includes approximately $220 million from the private reinsurance market, arranged through more than 20 international reinsurers, and $90 million through the Florida Hurricane Catastrophe Fund. The company said the overall design supports continued claims-paying capabilities during active storm seasons, including those in which Florida is impacted by multiple events.
The plan has been arranged to include protection for second and third hurricane events within the same season, aiming to reduce coverage gaps after earlier storms, the insurer added.
Approximately $145 million is allocated for second-event protection, as well as further protection against additional storms, with coverage also expanded to certain severe non-tropical weather events. Patriot Select Property and Casualty Insurance Company retains approximately $3 million in risk per separate event.
John Rollins, CEO of Patriot Select Property and Casualty Insurance Company, commented: “In Florida, it’s important to be prepared not just for a major storm, but also for a season of recurring hurricanes.
“Floridians remember big storms like Andrew in 1992 and Ian in 2022, as well as years with multiple landfalls like 2004 or 2024. We intentionally structure our reinsurance program to exceed standard requirements and provide confidence to our policyholders, agents, regulators and business partners.”
The company also highlighted that conditions in the global reinsurance market, coupled with increased stability in Florida’s insurance industry, have resulted in lower reinsurance pricing in 2026. The company attributes this to recent legal and claims reforms in Florida during 2022 and 2023, as well as broader improvements in its underwriting methodology and market conditions.
As a result, Patriot Select Property and Casualty Insurance Company is implementing double-digit rate reductions effective April 15, 2026, in multiple areas of Florida.
Marcia Lamb, Chief Financial Officer of Patriot Select Property & Casualty Insurance Company, added: “The global reinsurance market has responded well to Patriot Select’s underwriting discipline, financial strategy and operating performance.
“We are able to secure broad protections as the economy improves while continuing to strengthen the company’s long-term financial position and provide meaningful savings directly to Florida policyholders.”
