FORT LAUDERDALE, Fla., Sept. 2, 2015 /PRNewswire/ -- Patriot National, Inc. (NYSE: PN), a leading provider of technology and outsourcing solutions, announced today that Patriot Underwriters, Inc. (PUI), its subsidiary responsible for program administration, has entered into a general binding authority agreement with Endurance Insurance (Endurance). This agreement builds on Patriot's existing relationship with Endurance and will allow PUI to offer quotes on over 700 general liability and property/marine classifications, along with Patriot's existing workers' compensation markets, through its national network of 1,750 agents.
Endurance provides insurance and reinsurance products, focused on underwriting specialty lines, across the U.S. and globally to a broad range of clients from small businesses to large multinationals. Their Contract Binding team specializes in providing coverage for unique risks that are traditionally hard to place, often due to the types of operations or their size.
"Patriot National's organic growth strategy calls for expanding strategic alliances with our carrier partners that enable us to broaden our coverage offerings to the more than 27,000 employers we work with today," said Steven M. Mariano, Patriot National's Chief Executive Officer. "Endurance is an excellent example of developing an important turn-key relationship that can be directly attributed to our recent acquisition strategy. Through a recent acquisition we were able to gain underwriting authority for Endurance, and that ultimately led to this expanded strategic agreement that will drive additional growth.
Mariano added, "We are pleased to enhance our relationship with Endurance, whose commitment to technology is well aligned with our strategy. We look forward to developing with them a state-of-the-art single-entry system to more efficiently deliver quotes to our agents."
About Patriot National
Patriot National, Inc. is a national provider of comprehensive technology and outsourcing solutions that help insurance companies and employers mitigate risk, comply with complex regulations and save time and money. Patriot National provides general agency services, technology outsourcing, software solutions, specialty underwriting and policyholder services, claims administration services, self-funded health plans and employment pre-screening services to its insurance carrier clients, employers and other clients. Patriot National is headquartered in Fort Lauderdale, Florida. For more information about Patriot National, please visit www.patnat.com.
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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