Patriot National Expands Hospitality Industry Insurance Offerings with Acquisition of R.C.A. Insurance Group
FORT LAUDERDALE, Fla., Aug. 17, 2015 /PRNewswire/ -- Patriot National, Inc. (NYSE: PN), a leading provider of technology and outsourcing solutions, announced today that it has acquired R.C.A. Insurance Group (RCA), a property and liability program administrator to the hospitality industry.
RCA provides preferred insurance programs designed specifically for restaurants, bars and taverns nationwide. RCA will become part of Trigen Insurance Solutions, Patriot National's operating subsidiary focused on expansion into broader commercial insurance lines. Kevin O'Connor, Executive Vice President of RCA, will report to Joe Babin, Executive Vice President of Trigen Insurance Solutions. In addition, RCA operates as a third-party administrator for major carriers, further enhancing Patriot's claims administration platform.
"The acquisition of RCA strengthens our position in the hospitality space and is consistent with our growth strategy to broaden Patriot National's fee-based product offerings in niche industry segments where we can offer a differentiated product suite," said Steven M. Mariano, Chief Executive Officer of Patriot National. "Over the past 30 years, RCA has developed an industry leading technology, policy issuance, and loss control platform that we are excited to leverage across Patriot National's existing hospitality business."
Kevin O'Connor, Executive Vice President of RCA added, "We are excited to join the Patriot National team and for the opportunity to enhance our carrier relationships and distribution reach as part of Patriot's leading platform."
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.
[email protected]
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SOURCE Patriot National, Inc.
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