Patriot National Acquires InsureLinx
FORT LAUDERDALE, Fla., June 18, 2015 /PRNewswire/ — Patriot National, Inc. (NYSE: PN), a national provider of outsourcing solutions to the insurance industry, announced today that it has acquired InsureLinx a Florida-based company that provides technology services for workers’ compensation administration and insurance premium billing.
Through its secure, cloud-based SaaS platform, InsureLinx enables businesses to pay their premiums each pay period based on actual payroll rather than generated estimates. This accurate and flexible approach reduces operational costs for insurance carriers and policyholders as well as benefitting agents with a competitive product. Through real-time processing, policyholders can reduce or eliminate large down payments and avoid year-end audit discrepancies, and insurance carriers are able to eliminate billing, collections and auditing costs. InsureLinx will become part of Patriot Technology Solutions and CEO Jeff Harris will assume the role of Executive Vice President – Business Development, reporting to Steven M. Mariano, Chief Executive Officer of Patriot National.
“The acquisition of InsureLinx is consistent with our growth strategy to expand Patriot National’s value-driven end-to-end service offerings to the insurance industry,” said Steven M. Mariano. “We expect InsureLinx’s Pay As You Go and Payroll Deducted billing solutions will be major disruptors in the workers’ compensation marketplace. By eliminating large down payments, streamlining cash flows and paying premium via ACH, this technology will change the way that policyholders pay for workers’ compensation and other lines of insurance. In addition, Jeff Harris and his team have developed a network of outstanding relationships with top carriers, leading payroll software firms and payroll providers that will enhance our competitive edge in delivering technology efficiencies to our clients and creating new opportunities for growth.”
“We are very excited to join Patriot National. Steven Mariano is a leader who fully understands the vital role that technology will continue to play in the insurance industry. Beyond expanding our ability to serve a broader network of clients, we will also be part of an incredible technology team dedicated to developing new and innovative solutions for the insurance industry,” said Jeff Harris, CEO of InsureLinx.
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.