FORT LAUDERDALE, Fla., April 24, 2015 /PRNewswire/ -- Patriot National, Inc. (NYSE: PN), announced today that it has acquired Missouri-based Corporate Claims Management, Inc. (CCMI), a multi-line provider of claims administration. Corporate Claims Management had 2014 revenues of $6.5 million.
Corporate Claims Management was founded in 1992 to provide the risk management community with custom-tailored, high-quality claims administration services and risk management information systems designed to the unique specifications of each client. The Company provides insurance claims administration services to self-insureds and large-deductible plans nationally for general, auto, and product liability, and services the Midwest for workers' compensation. CCMI also has expertise in Medicare Secondary Payer Act compliance and turnkey MMSEA reporting platforms across all casualty and workers' compensation coverage lines. CCMI will become part of the Patriot Risk Services subsidiary.
"The acquisition of Corporate Claims Management is our fourth program administrator acquisition in recent months and is consistent with our growth strategy to expand Patriot National's fee-based product offerings beyond workers' compensation," said Steven M. Mariano, Chief Executive Officer of Patriot National.
"Corporate Claims Management brings to Patriot a client-centric TPA with multi-line commercial capabilities covering an array of self-insurance risks and product adjusting. The Company has built an outstanding reputation over 23 years for their professionalism and superior claim outcomes. We are also pleased to welcome President Michael Greco and his team of 51 employees to the Patriot family," said Tim Ermatinger, Executive Vice President of Patriot National.
Michael Greco, President of Corporate Claims Management stated, "We are excited for the synergies created by blending CCMI into Patriot National, and for the heightened level of services that together we can provide current and future clients. This is a remarkable strategic fit for both of our organizations and our clients."
About Patriot National
Patriot National is a national provider of comprehensive technology and outsourcing solutions within the workers' compensation marketplace for insurance companies, employers, local governments and reinsurance captives. Patriot National provides general agency services, technology outsourcing, software solutions, specialty underwriting and policyholder services and claims administration services to its insurance carrier clients and other clients. Patriot National is headquartered in Fort Lauderdale, Florida with nine regional offices around the country.
Forward Looking Statements
This press release may include statements that may be deemed to be forward-looking statements. These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms "will," "plan," and "expect," or, in each case, their negative or other variations or comparable terminology. 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, including the impact of the transaction on EBITDA, the Company's customer base and its operations, as well as the matters discussed under "Risk Factors" in its Annual Report on Form 10-K for the fiscal year ended December 31, 2014. Although the Company bases these forward-looking statements on assumptions that it believes are reasonable when made, it cautions the reader that forward-looking statements are not guarantees of future performance and that its actual results of operations, financial condition and liquidity, and industry developments may differ materially from statements made in or suggested by the forward-looking statements contained in this press release. Any forward-looking statement made in this press release speaks only as of the date of such statement, and the Company undertakes 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.
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SOURCE Patriot National, Inc.