St. Petersburg-based homeowners insurance firm enters market

The Florida Office of Insurance Regulation has approved a new St. Petersburg based firm to enter the market. 

Patriot Select Property and Casualty Insurance will offer the standard homeowners insurance policy, which offers coverage for home and belongings, according to a statement. 

The establishment of the firm comes as the OIR is seeking to stabilize the insurance market, with the state-run Citizens Property Insurance Corp. becoming burdened with an excessive amount of policies, officials say. 

“Thanks to its forward-looking legislature and regulatory bodies, Florida’s property insurance market is stabilizing, yet there is still a clear need for additional capacity and competition,” says founder John W. Rollins in a released statement. “Patriot Select is focused on meeting this need by providing homeowners with reliable insurance options, grounded in sound financial management and a commitment to customer service.”

Several veterans of the insurance industry are part of Patriot Select’s leadership. Rollins previously served as chief risk officer and board member at Citizens Property Insurance and chief financial underwriting and risk officer at several Florida-based insurers. Joining him, the release states, is Marcia Lamb, as CFO and Kelly Booten as COO.