Patriot National Bolsters M&A Team to Drive Continued Expansion
FORT LAUDERDALE, Fla., June 9, 2015 /PRNewswire/ -- Patriot National, Inc. (NYSE: PN) announced today two strategic hires to augment its M&A team and help drive the company's continued growth through new service offerings, enhanced technology capabilities and deeper geographic penetration. Patriot's acquisition strategy also enables the company to extend its end-to-end outsourced solutions beyond workers compensation to the broader property and casualty insurance market.
Effective June 1, Todd Wilson joined Patriot's management team as Senior Vice President - Mergers & Acquisitions. He is responsible for prospect development, strategic evaluation and deal structuring with a focus on the technology, human capital and specialty finance sectors. Wilson will serve as west coast practice leader. Nabeel Tanveer was appointed Senior Vice President – Strategic Business Development, and is responsible for prospect development, strategic evaluation and deal structure. Tanveer will serve as a national insurance service practice leader. Both Wilson and Tanveer will report to Michael Grandstaff, Executive Vice President – Strategic Planning & Acquisitions.
"Todd and Nabeel both bring a wealth of M&A transaction experience to the Patriot team," said Steven M. Mariano, Chief Executive Officer of Patriot National. "Acquisitions, combined with organic growth, are critical to our long-term success and value creation and I am excited to have these outstanding professionals on board to expand our strategic M&A efforts."
Wilson joins Patriot with more than 15 years of experience sourcing, evaluating and executing investments for private equity funds. Most recently, he was a Partner at Crane Street Capital where he focused leading investments in high-growth companies with revenue up to $25 million. Prior to that, he was a Principal and Vice President at American Capital Strategies where he led over $750 million of investments into leveraged buyouts and add-on acquisitions in the business services industry. Wilson received his M.B.A from the Fuqua School of Business at Duke University and a B.S. in Economics from the Wharton School of Business at the University of Pennsylvania. He is based in Woodland Hills, California.
Tanveer brings to Patriot more than 20 years of experience in operational, underwriting and business development experience in the insurance industry. Most recently, he was Senior Vice President – Enterprise Strategic Business Development for Aon Affinity Insurance Services, where he developed and executed on M&A strategy and strategic growth initiatives, including the development of Aon's acquisition of National Flood Services, which made Aon the number one flood service provider in the world. Tanveer also spent more than ten years at Wells Fargo Insurance Services where he created and executed a business development strategy for its $1 billion insurance brokerage enterprise. He received his M.B.A from the University of Minnesota and a B.S. in Economics from the University of Cincinnati. He is based at the Patriot National headquarters in Fort Lauderdale, FL.
Year to date, Patriot National has completed 11 strategic tuck-in acquisitions that have broadened its service offerings and technology platform.
About Patriot National
Patriot National is a national provider of comprehensive technology and outsourcing solutions within the property and casualty marketplace, primarily in workers' compensation, 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. 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, including the potential that revenue, net income or adjusted EBITDA could finally be determined to be below the range discussed in this press release. For example, we may not be able to place insurance policies for our clients, our expenses may be higher than we expect, we may have difficulty integrating new acquisitions, new acquisitions 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:
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Financial Profiles, Inc.
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SOURCE Patriot National, Inc.
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