Patriot Risk Management Subsidiary Forms 25th Agency-Owned Captive for Workers’ Compensation Insurance
25 Septiembre 2009 - 12:41PM
Business Wire
Patriot Risk Management, Inc. (PRMI) announced today that its
subsidiary Patriot Underwriters has finalized its 25th new
agency-owned captive for workers’ compensation insurance in 2009.
Patriot’s new agency-owned captives have generated more than
$20-million in new written premium for Guarantee Insurance Company
and ULLICO Casualty Company in 2009. Patriot’s agency captive
program enables independent insurance agencies to partner with
Patriot to share in the underwriting profit produced by their
controlled book of business.
“We are pleased to see our agency captive model generating so
much interest in the insurance agency community. Agency captives
are an ideal vehicle to align production and profit objectives for
insurance companies and independent agents,” said Steven M.
Mariano, PRMI’s Chairman and Chief Executive Officer. “Insurance
agencies with profitable books of business are using agency
captives to capture underwriting profit and investment income,
instead of relying entirely on commission income.”
“Patriot has developed a market leading insurance product that
has clearly captured the attention of progressive insurance agency
owners. Their agency captive model is already a significant,
sustainable contributor to premium growth,” said Andrew Lerner,
Chief Executive Officer of Inter-Atlantic.
PRMI previously announced a stock purchase agreement with
Inter-Atlantic Financial (NYSE Amex: IAN). The combined company
will be led by PRMI’s management team and will continue to be
publicly traded. The closing of the acquisition is subject to
approval by Inter-Atlantic’s shareholders and other customary
closing conditions and is scheduled to close by October 9,
2009.
About Patriot Risk Management, Inc.
Patriot Risk Management, Inc. (PRMI) produces, underwrites and
administers alternative market and traditional workers’
compensation insurance plans, and provides claims services for
insurance companies, segregated cell captives and reinsurers.
Through its subsidiaries Patriot Risk Services, Inc. and Patriot
Underwriters, Inc, PRMI provides workers’ compensation BPO
insurance services such as marketing, underwriting, policy
management, claims management and captive management services.
Guarantee Insurance Company, PRMI’s wholly owned insurance company
subsidiary, provides alternative market risk transfer solutions and
traditional workers’ compensation insurance plans for employers.
For further information, please visit www.prmigroup.com.
About Inter-Atlantic Financial, Inc.
Inter-Atlantic Financial (NYSE Amex: IAN) is a special purpose
acquisition company formed for the purpose of acquiring an
operating business in the financial services industry. As a special
purpose acquisition company, Inter-Atlantic is scheduled to
dissolve and liquidate if it does not complete a business
combination transaction by October 9, 2009. For further information
on Inter-Atlantic Financial, please visit
http://www.interatlanticfinancial.com/.
SEC Legends
Inter-Atlantic Financial, Inc. (IAN) has filed with the
Securities and Exchange Commission (“SEC”) all applicable documents
including a definitive proxy statement filed on September 23, 2009.
This definitive proxy statement and other relevant documents are
first being mailed to IAN shareholders on or about September 23,
2009. A copy of these filings is available on the SEC website
(http://www.sec.gov), and may also be found on the Inter-Atlantic
Financial website at http://www.interatlanticfinancial.com/.
IAN and Patriot and their respective directors and executive
officers may be deemed to be participants in the solicitation of
proxies for the special meeting of IAN’s stockholders to be held to
approve the proposed business combination. IAN stockholders and
other interested persons are urged to read IAN’s preliminary proxy
statement and definitive proxy statement in connection with IAN’s
solicitation of proxies for the special meeting because these proxy
statements contain important information. Such persons can also
read IAN’s final prospectus, dated October 2, 2007, its annual
report on Form 10-K for the fiscal year ended December 31, 2008 and
other reports as filed with the SEC for a description of the
security holdings of IAN’s officers and directors and their
respective interests in the successful consummation of this
business combination. The preliminary proxy statement and
definitive proxy statement of IAN contain information with respect
to the officers and directors of Patriot. The definitive proxy
statement of IAN is being mailed to stockholders as of the close of
business on the record date of September 17, 2009. Stockholders are
able to obtain a copy of the definitive proxy statement, without
charge, by directing a request to IAN at: 400 Madison Avenue, New
York, NY 10017. The preliminary proxy statement and definitive
proxy statement and the final prospectus and other filings of IAN
can also be obtained, without charge, at the SEC website
(http://www.sec.gov).
This announcement shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of any securities in any state or jurisdiction in which
the offer, solicitation or sale of securities would be unlawful and
may not be offered or sold within the United States in the absence
of registration or an applicable exemption from the registration
requirements of the Securities Act of 1933, as amended (the
"Securities Act"), and applicable state securities laws. Any
offers, solicitations of offers to buy, or any sales of securities
will only be made in accordance with the registration requirements
of the Securities Act or an exemption therefrom. This announcement
is being issued pursuant to and in accordance with Rule 135c under
the Securities Act.
Forward-Looking Statements
Any statements contained in this press release that do not
describe historical facts may constitute forward-looking statements
as that term is defined by the United States Private Securities
Litigation Reform Act of 1995. This press release may contain
certain forward-looking statements including statements with regard
to the future performance of IAN and Patriot. Words such as
“believes,” “expects,” “projects,” "will" and “future” or similar
expressions are intended to identify forward-looking statements.
Any such forward-looking statements contained herein are based on
current expectations, but these forward-looking statements
inherently involve certain risks and uncertainties that may cause
actual results to differ materially from expectations such as
material adverse events affecting IAN and Patriot, the ability of
IAN to complete a business combination and those other risks and
uncertainties that are detailed in the IAN’s Prospectus and other
filings with the SEC. IAN undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
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