Patriot National Acquires Candid Investigation Services, LLC

FORT LAUDERDALE, Fla., May 11, 2015 /PRNewswire/ -- Patriot National, Inc. (NYSE: PN), announced today that it has acquired Candid Investigation Services, LLC, an insurance risk management firm that operates in New Mexico and Texas.

Candid Investigation Services drives costs savings to insurance carriers by reducing exposure to fraudulent claims and favorably influencing subrogation outcomes.  Leveraging its state-of-the-art technology and highly trained staff, Candid provides evidence that increases subrogation recovery rates. Candid will become part of our investigative services subsidiary, Contego Services Group.    

"Candid is our second acquisition in risk management services. It is consistent with our growth strategy to expand Patriot National's fee-based service offerings with economically compelling, high-value solutions for our carrier clients," said Steven M. Mariano, Chief Executive Officer of Patriot National. "We are excited to welcome the entire team into the Patriot family."  

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:

Moira Conlon, 310-622-8220
Paige Hart, (310) 622-8244
Financial Profiles, Inc.
[email protected]

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SOURCE Patriot National, Inc.

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