FORT LAUDERDALE, Fla., Jan. 28, 2016 /PRNewswire/ -- Patriot National, Inc. (NYSE: PN), a leading provider of technology and outsourcing solutions, announced today that it has acquired Mid Atlantic Insurance Services ("Mid Atlantic"), a wholesale brokerage firm and program administrator offering a full array of commercial property and casualty insurance lines. In addition to new property and casualty products, the acquisition brings to Patriot National 12 new carrier relationships and 1,100 new retail agencies.
Mid Atlantic is a premier insurance brokerage serving independent insurance agencies in 38 states and representing many of the largest and best property and casualty carriers in the industry. Mid Atlantic has also been recognized for the quality of its customer service, including rapid quote turnaround times and competitive pricing. Mid Atlantic will become part of Patriot Underwriters and Steve Love, President of Mid Atlantic, will report to Paul Halter, Executive Vice President of Field Operations, Patriot National Inc. and CEO of Patriot Underwriters, Inc.
"The addition of Mid Atlantic provides over 4,000 insurance agencies access to many workers' compensation insurance quotes simultaneously from our Patriot regional offices. The insurance carrier choices that are now available to our employer clients have increased fivefold since our IPO last January," said Steven M. Mariano, Chief Executive Officer of Patriot National. "This acquisition also enhances our distribution reach, adding over 1,100 new retail agencies, expands our property and casualty product lines to include general liability, business auto, commercial package, umbrella, excess liability, special events, surety, EPLI, professional liability, farm, and personal lines for high net worth families, and adds 12 new carrier relationships to Patriot National. Consistent with our organic growth strategy, we look forward to introducing additional services to these new carriers and agencies."
"We are pleased to join the Patriot National team and look forward to extending our distribution reach and expanding our production volume as part of Patriot's nationwide platform," said Steve Love, President of Mid Atlantic.
About Patriot National Patriot National, Inc. is a national provider of comprehensive technology and outsourcing solutions that help insurance companies and employers mitigate risk, comply with complex regulations and save time and money. Patriot National provides general agency services, technology outsourcing, software solutions, specialty underwriting and policyholder services, claims administration services, self-funded health plans and employment pre-screening services to its insurance carrier clients, employers and other clients. Patriot National is headquartered in Fort Lauderdale, Florida. For more information about Patriot National, please visit www.patnat.com.
Forward Looking Statements This press release may include statements that may be deemed to be forward-looking statements. Words such as "may," "will," "should," "likely," "anticipates," "expects," "intends," "plans," "projects," "believes," "estimates," "positioned," "outlook," "Guidance," and similar expressions are used to identify these forward-looking statements. By their nature, forward-looking statements involve risks and uncertainties, and there are important factors that could cause actual results to differ materially from those indicated in these statements. For example, the successful integration of this acquisition and our ability to cross-sell additional services to these carriers, as well as those matters contained in our filings with the Securities and Exchange Commission. Although we base these forward-looking statements on assumptions that we believe are reasonable when made, we caution you that forward-looking statements are not guarantees of future performance or events and that results may differ materially from statements made in or suggested by the forward-looking statements contained in this press release. Any forward-looking statement that we may make in this press release speaks only as of the date of such statement, and we undertake no obligation to update any forward-looking statement or to publicly announce the results of any revision to any of those statements to reflect future events or developments.
Media and Investor Contacts: Julie MacMedan (310) 622-8242 Paige Hart (310) 622-8244 Financial Profiles, Inc. PatriotNational@finprofiles.com
SOURCE Patriot National, Inc.