Patriot Select Property and Casualty Insurance Company has completed the placement of its 2026 catastrophe reinsurance program, effective June 1, securing protection that the Florida carrier said exceeds state regulatory and rating agency requirements.
"It is essential in Florida to prepare not only for a single major storm, but also for seasons with repeated hurricane strikes," said John Rollins, chief executive officer of Patriot Select.
The program provides roughly $310 million in total catastrophe protection for a major hurricane event, comprising $220 million of private-market reinsurance from more than two dozen global reinsurers, alongside $90 million from the Florida Hurricane Catastrophe Fund.
Patriot Select said the structure is designed to sustain claims-paying capacity during an active hurricane season, including scenarios involving multiple impacts across the state. The carrier pre-purchased coverage for second and third hurricanes in a season to limit mid-season protection gaps.
Roughly $145 million of second-event protection is built into the tower, with additional layers covering subsequent storms and severe non-tropical weather events. The company retains approximately $3 million of risk per storm.
Rollins pointed to past loss events familiar to Floridians, including Hurricane Andrew in 1992 and Hurricane Ian in 2022, as well as multi-landfall years such as 2004 and 2024.
He added that the program was intentionally structured to exceed standard requirements and provide confidence to policyholders, agents, regulators and business partners.
The insurer attributed lower reinsurance costs in 2026 to improving market conditions and continued stabilization in Florida's insurance environment.
It credited the state's 2022 and 2023 legal and claims reforms, its own underwriting performance, and broader global reinsurance market conditions for the more favorable pricing and terms.
The placement coincides with a wider softening across the property reinsurance market, with Guy Carpenter's Randy Fuller describing the current environment as a "remarkable turning point" for primary carriers.
Capacity has increased at each successive renewal since January 2023, supported by fresh capital inflows from ILS and uncorrelated-return funds, signaling that property is moving out of hard market conditions.
Patriot Select said the savings have flowed through to consumers, with double-digit rate reductions implemented across many areas of Florida effective April 15, 2026.
"Global reinsurance markets responded favorably to Patriot Select's underwriting discipline, financial strategy, and operational performance," said Marcia Lamb, chief financial officer of Patriot Select.
Lamb added that the company secured broad protection at improved economics while continuing to strengthen its long-term financial position and deliver savings directly to Florida policyholders.
