Patriot Select locks in 2026 catastrophe reinsurance program

By AI, Created 5:20 PM UTC, May 21, 2026, /AGP/ – Patriot Select said May 21 it secured its 2026 catastrophe reinsurance program, effective June 1, with about $310 million in total protection and coverage designed to handle multiple Florida storm hits. The move comes as the insurer says better market conditions and state reforms helped lower costs and support double-digit rate cuts in many areas of Florida.

Why it matters: - Patriot Select’s program is built to keep claims-paying capacity intact during an active hurricane season, including when Florida is hit more than once. - The structure is meant to reduce the risk of coverage gaps after an early-season storm and support policyholders, agents, regulators and other business partners. - The company says the pricing environment and its own underwriting performance also helped create room for lower rates in Florida.

What happened: - Patriot Select Property and Casualty Insurance Company announced the successful placement of its 2026 catastrophe reinsurance program on May 21, 2026. - The program takes effect June 1, 2026. - The company says the program exceeds Florida regulatory and rating agency requirements. - Patriot Select said the program provides protection against multiple hurricanes and severe storm events.

The details: - The 2026 program includes about $310 million in total catastrophe protection for a major hurricane event. - That total includes about $220 million of private-market reinsurance from more than two dozen global reinsurers. - The package also includes $90 million from the Florida Hurricane Catastrophe Fund. - Patriot Select said it pre-purchased substantial coverage for second and third hurricanes in a season. - The structure includes about $145 million of second-event protection, plus additional coverage for later storms. - The program also covers severe non-tropical weather events. - Patriot Select retains about $3 million of risk per storm. - The company said improved market conditions and continued stabilization in Florida’s insurance environment contributed to lower reinsurance costs for 2026. - Patriot Select credited Florida’s 2022 and 2023 legal and claims reforms, disciplined underwriting performance and improving global reinsurance market conditions for more favorable pricing and terms. - The company said it recently implemented double-digit rate reductions in many parts of Florida, effective April 15, 2026.

Between the lines: - The emphasis on multi-event protection signals a shift from single-storm planning to season-long resilience. - That matters in Florida, where repeated landfalls can strain insurer capital and disrupt post-storm coverage availability. - Lower reinsurance costs can give insurers more room to cut rates, but those savings usually depend on both market pricing and internal loss performance.

What’s next: - The reinsurance program becomes active June 1, 2026, and will be tested if the 2026 hurricane season produces multiple landfalls. - Patriot Select said it will continue to focus on financial discipline, capitalization and long-term stability in Florida. - The company also pointed readers to more information.