FORT LAUDERDALE, Fla., Oct. 17, 2016 /PRNewswire/ -- Patriot National, Inc. (NYSE: PN), a leading provider of technology and outsourcing solutions, today announced the award of a long-term end-to-end business process outsourcing ("BPO") service contract with Ashmere Insurance Company ("Ashmere").
As part of the long-term turnkey BPO service contract, Patriot National will write and serve as program administrator for Ashmere's specialty property and casualty insurance policies with defined underwriting, claims settlement, loss control and premium audit authority for accounts in 36 states.
"We are excited about our long-term contract with Ashmere to provide Patriot's full suite of end-to-end services. Over the next 36 months, we expect the contract to generate over $100 million in written premium to be serviced by Patriot. Continued adoption of our innovative solutions is a clear indication of the value we are delivering to our carrier partners," said Steve M. Mariano, Chief Executive Officer of Patriot National.
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.
About Ashmere Insurance Company
Ashmere Insurance Company was recently acquired by National Fidelity Holdings, Inc. Ashmere is licensed to offer all lines of property and casualty insurance products in 36 states through a network of 4,200 independent agents. For more information, please visit www.ashmereins.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, our solutions may not perform as anticipated, 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:
Director of Investor Relations
Patriot National, Inc.
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SOURCE Patriot National, Inc.