Patriot National Insurance Group, a workers’ compensation provider, said it has received $30 million in equity funding from Six Points Investment Partners LLC.
Steven M. Mariano, chairman and chief executive officer of Patriot National Insurance Group said that with this investment completed, the insurer has greater financial flexibility to expand into new geographic markets and improve operations.
Patriot National Insurance Group has two operating subsidiaries. The first, Guarantee Insurance Co. specializes in alternative market workers’ compensation insurance and is licensed in 41 states. The second, Patriot Underwriters Inc. is a national program administrator that produces, underwrites and services workers’ compensation insurance for insurance companies. Patriot Underwriters reported written premium under management of $292.4 million at the end of the first quarter of 2011.
Six Point Investment Partners is a global investment banking boutique that operates from its own offices in New York and San Francisco and via affiliate offices in London and Amsterdam.
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