St. Petersburg-based Patriot Select Property and Casualty Insurance Co., which officially launched last June, saw a new underwriting profit of $2 million its first year in business.
The company, in a statement, credited the success, in part, on assuming 26,000 policies from the state-run Citizen Property Insurance Corp. as was well adding more than 1,600 open market policies through early March. It also cited a “lean, effective operational model and disciplined risk management.”
In all, Patriot says its total statutory surplus increased from $29.5 million at launch to $31.3 million at the end of the year. Its risk-based capital ratio was over 14 times required levels. (Risk-based capital ratio, according to S&P Global Ratings, “is a regulatory framework used in the insurance industry to ensure that companies maintain sufficient capital to support their business operations and protect policyholders.)…