FORT LAUDERDALE, Fla., Feb. 13, 2014 /PRNewswire/ -- Patriot National Insurance Group, Inc., a leading provider of workers' compensation insurance solutions headquarted in Fort Lauderdale, Florida, is proud to announce their partnership with Stonewood National Insurance Company (Stonewood) (A.M. Best rated "A-" size IX paper), an affiliate of the Franklin Holdings, LTD Group. Under their partnership arrangement, Patriot will write workers' compensation insurance through its Managing General Agency, Patriot Underwriters, Inc. and Patriot will serve as a program administrator with defined underwriting and claims settlement authority.
For Stonewood, the agreement will further build their specialty workers' compensation platform. The program is focused in select Midwestern states on segments within the health care industry. "We are pleased with the ability to partner with Patriot in the product segment. As with all of our business, we are focused on select classes of risks at price points that we believe are reflective of exposure and which represent appropriate profit potential," said Steve Hartman, President and CEO of Stonewood Insurance Companies. "Stonewood writes this segment in several other jurisdictions, and it is one of the segments within workers' compensation which we have targeted for growth. A prerequisite for doing well in these classes in workers' compensation is having the right expertise in claims, underwriting and loss control. Patriot is an established player with expertise in insuring risks in these target classes and jurisdictions."
This is Patriot's second partnership with an A-rated insurance carrier and comes shortly after a $28-million capital infusion into Patriot's wholly-owned subsidiary, Guarantee Insurance Company. Patriot's expansion and growth model calls for strategic alliances with partners, such as Stonewood, that share Patriot's dedication to providing an excellent insurance product and industry leading customer service.
John Rearer, President of Patriot Underwriters, Inc. said, "We are very excited about our new relationship with Stonewood. Underwriting and handling claims for the healthcare industry is one of our areas of expertise. Partnering with Stonewood offers our clients an 'A' rated paper option while continuing to receive the best service from our claims and underwriting staff. Everybody wins, especially our customers."
About Patriot National Insurance Group
Patriot National Insurance Group is an insurance holding company focused on workers' compensation insurance. Patriot National Insurance Group has two operating subsidiaries - Guarantee Insurance Company and Patriot Underwriters, Inc. For additional information please visit www.pnigroup.com.
About Stonewood National Insurance Company
Stonewood Insurance Companies are the specialty admitted insurance platform of James River Group, Inc., the U.S subsidiary of Franklin Holdings, LTD of Hamilton Bermuda. Headquartered in Raleigh, NC, Stonewood is comprised of Stonewood National Insurance Company, Stonewood General Insurance Company, Stonewood Insurance Company, and Stonewood Insurance Management Company, Inc. Stonewood is licensed to write property/casualty insurance in 47 states, and workers compensation insurance in 28 states. James River Group and its subsidiaries share a pooled rating of A- (IX) from A.M. Best
SOURCE Patriot National Insurance Group