Patriot Select secures $310m of catastrophe reinsurance, with $145m for second events

Patriot Select Property and Casualty Insurance Company, a Florida based insurer, has announced the completion of its 2026 catastrophe reinsurance renewal, with $220 million of private market limit, $90 million of FHCF cover and $145 million to protect against second and subsequent events.

The company noted that improving market conditions and continued stabilisation of the Florida insurance market helped to contribute towards lower reinsurance costs this year.

Citing “more favorable pricing and terms” in its reinsurance renewal this year, Patriot Select cited the benefits of Florida’s legislative reforms and improving global reinsurance market conditions, from the protection buyers perspective.

Effective June 1st 2026, Patriot Selects reinsurance tower will provide overall catastrophe protection of $310 million, $220 million of that from private reinsurance markets and the remaining $90 million from the Florida Hurricane Catastrophe Fund.

This exceeds rating agency requirements and the reinsurance program provides protection against multiple hurricanes and severe storm events.

The company secured reinsurance to provide around $145 million of second-event protection, along with additional cover for subsequent storms.

As well as providing named storm and hurricane reinsurance, Patriot Select also has cover for non-tropical weather events and only retains $3 million of risk per-storm.

“It is essential in Florida to prepare not only for a single major storm, but also for seasons with repeated hurricane strikes,” explained John Rollins, Chief Executive Officer of Patriot Select. “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.”

“Global reinsurance markets responded favorably to Patriot Select’s underwriting discipline, financial strategy, and operational performance,” added Marcia Lamb, Chief Financial Officer of Patriot Select. “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.”

Notably and speaking to the improved insurance market environment in Florida, Patriot Select also said that it has recently been able to pass on savings to customers, by implementing double-digit rate reductions in many areas of Florida.

Read all of our reinsurance renewals news and analysis here.