FORT LAUDERDALE, Fla., Feb. 16, 2016 /PRNewswire/ -- Patriot National, Inc. (NYSE: PN), a national provider of technology and outsourcing solutions to the insurance industry, announced today that it has established a strategic relationship with Travelers, the second largest writer of commercial U.S. property and casualty insurance1. Patriot National will initially offer all lines of Travelers' small business insurance in 15 states, with plans for national expansion.
Patriot National's strong independent retail agency distribution network will also help to expand our TravPay® pay-as-you-go workers' compensation solution. TravPay® allows employers to calculate and pay their workers' compensation premiums by connecting directly to approved payroll providers, reducing the inefficient and costly guesswork of estimated annual payrolls. TravPay® also offers a user friendly self-reporting option for insureds that process their payrolls internally.
"This is a significant opportunity for Patriot National," said Steven M. Mariano, Chief Executive Officer of Patriot National. "Our independent agency distribution network plays a key role in our success and we are looking forward to working with Travelers. We are also excited about the growth prospects to generate premiums for the complete portfolio of insurance offerings, building a strong foundation to drive additional revenue for our company. We believe this will also be a highly attractive value proposition to our agents and policyholders."
The Travelers Companies, Inc. is a leading provider of property casualty insurance for auto, home and business, with operations in the United States, Canada, the United Kingdom, and Ireland, the company was founded in 1853 and is one of the oldest insurance organizations in the U.S. Travelers is the only property casualty company in the Dow Jones Industrial Average (NYSE: TRV). For more information, visit www.travelers.com.
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.
Media and Investor Contacts: Julie MacMedan (310) 622-8242 Paige Hart (310) 622-8244 Financial Profiles, Inc. PatriotNational@finprofiles.com
1Source: SNL Statutory Filings. Based on 2013 Direct Written Premium. Marketshare includes all NAIC-reported lines of business, excluding: Homeowners Multiple Peril, Other Private Passenger Auto Liability, Private Passenger Auto No-Fault (Personal Injury Protection), and Private Passenger Auto Physical Damage
SOURCE Patriot National, Inc.