FORT LAUDERDALE, Fla., July 9, 2015 /PRNewswire/ -- Patriot National, Inc. (NYSE: PN), a national provider of technology and outsourcing solutions to the insurance industry, announced today that it has acquired third-party health and welfare benefits administrator CWIBenefits, Inc. (CWI).
CWI provides benefits administration for clients with self-funded health and welfare plans nationwide. Based in Greenville, South Carolina, CWI is known for outstanding customer service with a dedicated call center and leading-edge technology platform. CWI's custom designed, proprietary software called ClaimsWare® delivers a secure, web-based employee benefits platform that processes claims accurately, quickly and efficiently. The system also has the flexibility to manage an unlimited number of plan designs and customizations.
CWI will become part of Patriot National's claims administration subsidiary, Patriot Risk Services. CWI President Ron Ross will report to Timothy Ermatinger, Executive Vice President of Patriot National.
"The acquisition of CWI exemplifies our strategy to provide our insurance industry clients with a diverse offering of vital services," said Steven M. Mariano, Chief Executive Officer of Patriot National. "With nearly 30 years of experience administering health and welfare benefits for clients, CWI offers unparalleled customer service, seamless client integration, breadth of service offerings and a robust technology platform that aligns well with Patriot National's hallmark customer service and leading-edge technology solutions."
"We are pleased to add the CWI team and capabilities, which will allow us to build out our integrated absence management administration platform and extend beyond workers' compensation to health and welfare benefit programs," said Timothy Ermatinger, Executive Vice President of Patriot National.
Ron Ross, President of CWI added, "Patriot National is a leading innovator in delivering high value, technology-enabled solutions to the insurance industry so we are very excited to join this expert team. We are looking forward to introducing our capabilities to Patriot's network of more than 1,600 retail agencies around the country."
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.
SOURCE Patriot National, Inc.