Patriot Select Property and Casualty Insurance Company, a US-based property and casualty insurer, has confirmed the successful completion of its 2026 catastrophe reinsurance programme, which will take effect on 1 June 2026.
The arrangement is intended to provide financial protection against hurricane losses and severe weather events, while remaining aligned with and exceeding Florida regulatory standards and the expectations of rating agencies.
Patriot Select Property and Casualty Insurance Company stated that the 2026 structure delivers around $310 million of total catastrophe protection for a major hurricane scenario.
This comprises approximately $220 million sourced from private reinsurance markets, arranged through more than twenty international reinsurers, together with $90 million provided via the Florida Hurricane Catastrophe Fund. The company indicated that the overall design supports sustained claims-paying ability during active storm seasons, including situations where Florida is affected by multiple events.
The insurer added that the programme has been arranged to include protection for second and third hurricane events within the same season, aiming to reduce exposure to gaps in cover after earlier storms.
Around $145 million is allocated to second-event protection, alongside further layers for additional storms, with coverage also extending to certain severe non-tropical weather incidents. Patriot Select Property and Casualty Insurance Company retains approximately $3 million of exposure per individual event.
John Rollins, Chief Executive Officer of Patriot Select Property and Casualty Insurance Company, commented: “It is essential in Florida to prepare not only for a single major storm, but also for seasons with repeated hurricane strikes.
“Floridians remember both big storms like 1992’s Andrew and 2022’s Ian, and years with multiple landfalls like 2004 or 2024. We intentionally structured 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 global reinsurance markets, combined with greater stability in Florida’s insurance sector, have contributed to lower reinsurance pricing for 2026. The company attributed this to recent legal and claims reforms in Florida during 2022 and 2023, alongside its underwriting approach and wider improvements in market conditions.
As a result, Patriot Select Property and Casualty Insurance Company has introduced double-digit rate reductions across a number of Florida regions from 15 April 2026.
Marcia Lamb, Chief Financial Officer of Patriot Select Property and Casualty Insurance Company, added: “Global reinsurance markets responded favourably to Patriot Select’s underwriting discipline, financial strategy, and operational performance.
“We were able to secure broad protection at improved economics while continuing to strengthen the company’s long-term financial position and deliver meaningful savings directly to Florida policyholders.”
