FORT LAUDERDALE, Fla., Aug. 19, 2015 /PRNewswire/ -- Patriot National, Inc. (NYSE: PN), a leading provider of technology and outsourcing solutions, today provided additional information on the recent acquisition of R.C.A. Insurance Group (RCA), a property and liability program administrator to the hospitality industry.
The purchase price for RCA, assuming all earn-out criteria are met, is $3.5 million. In addition, RCA's book of business includes $52 million of package general liability premiums in the hospitality industry.
"The acquisition of RCA is another example of how we are leveraging strategic acquisitions to drive strong organic growth by distributing new products through our national network of agents," said Steven M. Mariano, Chief Executive Officer of Patriot National. "Over the past 12 months, Patriot Underwriters doubled its policy submissions and in the second quarter alone added 2,300 new employers, both of which substantially expand our pipeline of new opportunities. For the three months ended June 30, 2015, Patriot Underwriters' organic gross reference premiums grew 36% year-over-year."
About Patriot National
Patriot National is a national provider of comprehensive technology and outsourcing solutions within the property and casualty marketplace for insurance companies, employers, local governments and reinsurance captives. Patriot National provides general agency services, claims administration, technology outsourcing, software solutions, specialty underwriting, employer and policyholder services to its clients. Patriot National is headquartered in Fort Lauderdale, Florida.
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: Julie MacMedan (310) 622-8242 Paige Hart (310) 622-8244 Financial Profiles, Inc. PatriotNational@finprofiles.com
SOURCE Patriot National, Inc.