Anchor Insurance Reborn as Patriot Select with $29 Million in Capital Infusion

In a significant development for Florida’s homeowners insurance market, the former Anchor Property & Casualty Insurance Company has officially reemerged as Patriot Select Property and Casualty Insurance. Backed by $29 million in new capital, the St. Petersburg-based insurer is poised to build a major presence across the state under a completely revamped business model​.

Leading the charge is CEO John Rollins, a well-known figure in Florida’s insurance sector, with a management team that includes seasoned professionals such as Kelly Booten (former COO of Citizens Property Insurance) and Marcia Lamb(formerly of Kin Insurance and Centauri)​. Patriot Select expects to have at least 40,000 policies in force by the end of 2025, focusing initially on takeouts from Citizens Property Insurance Corporation.

“The capital, the management team, the board, and the business plan are totally different,” Rollins emphasized, distancing Patriot Select from the troubled legacy of the original Anchor P&C​.

Florida’s Office of Insurance Regulation (OIR) approved Patriot Select in mid-April, greenlighting the company’s ambitious strategy to help stabilize the state's evolving property insurance landscape. The timing aligns with broader market reforms enacted in 2022 and 2023, which have helped reduce litigation rates and create a healthier, more competitive environment for insurers​.

Patriot Select’s initial strategy involves taking on 39,500 Citizens policies, with hopes that a majority of homeowners will accept their offers even amid the mid-year reinsurance buying season​. Rollins noted the improved reinsurance market conditions and said Patriot Select will gradually expand into the open market via independent agents.

Unlike some Florida competitors, Patriot Select will not immediately enter the condo or rental property sectors and is avoiding Key West and Monroe County for now. However, future expansion into these areas remains on the table.

Policyholders will also benefit from flexibility: Patriot Select plans to offer an optional roof-age endorsement and provide access to preferred contractors after claims — but leaves the choice of contractors up to the homeowner​.

While other Florida insurers, like American Integrity Insurance, are exploring public offerings, Rollins made it clear that Patriot Select is focused on measured, steady growth over the next five years, with any thoughts of an IPO remaining far down the road.

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If you’re navigating the changing Florida insurance market, Worth Insurance can help you find the right homeowners policy — whether it’s through Patriot Select or another top carrier. Get a free, personalized quote today and secure the coverage you deserve.