Patriot National Acquires Infinity Insurance Solutions
FORT LAUDERDALE, Fla., June 3, 2015 /PRNewswire/ -- Patriot National, Inc. (NYSE: PN) announced today that it has acquired Infinity Insurance Solutions, a premium auditing and underwriting survey agency based in Overland Park, Kansas.
Infinity serves leading providers of workers' compensation, general liability and property and casualty insurance. Infinity's President Steve Sales will continue to operate the business with his team and will become part of Patriot Underwriters, a subsidiary of Patriot National.
"Infinity has built a strong reputation among many of the nation's largest carriers for its expertise in payroll and sales audits and inspection services. The Infinity acquisition not only adds a valuable component to our current service offerings, it also gives Patriot an entry to new carrier relationships," said Steven M. Mariano, Chief Executive Officer of Patriot National. "Infinity provides nationwide service through its signature Fusion, phone and voluntary audit programs and also has a staff of experienced field specialists to conduct physical audits and underwriting surveys in seven Midwest states. We plan to build on Infinity's success to expand this offering across our nationwide platform."
"As with most of our recent acquisitions, we expect this deal to be immediately accretive to EBITDA," Mariano added.
"We are excited to join Patriot National to build out a robust premium audit and underwriting survey services offering," said Steve Sales, President of Infinity Insurance Solutions. "Our services are a necessary requirement for insurance providers and we are looking forward to benefitting from Patriot's extensive distribution network to optimize the business opportunity we see in the marketplace."
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:
Julie MacMedan (310) 622-8242
Paige Hart, (310) 622-8244
Financial Profiles, Inc.
[email protected]
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SOURCE Patriot National, Inc.
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