Fort Lauderdale’s Patriot National Inc., a technology and outsourcing provider, disclosed further details on its recent acquisition of R.C.A. Insurance Group (RCA), a property and liability program administrator to the hospitality industry, from headquarters yesterday.
The company revealed that the purchase price for RCA, assuming all earn-out criteria are met, is $3.5 million. In addition, RCA's book of business includes $52 million of package general liability premiums in the hospitality industry.
"The acquisition of RCA is another example of how we are leveraging strategic acquisitions to drive strong organic growth by distributing new products through our national network of agents," Patriot National CEO Steven M. Mariano said. "Over the past 12 months, Patriot Underwriters doubled its policy submissions and in the second quarter alone added 2,300 new employers, both of which substantially expand our pipeline of new opportunities. For the three months ended June 30, 2015, Patriot Underwriters' organic gross reference premiums grew 36 percent year-over-year."
Patriot National Inc. offers comprehensive technology and outsourcing solutions within the property and casualty marketplace for its clients. It provides general agency services, claims administration, technology outsourcing, software solutions, specialty underwriting, employer and policyholder services for insurance companies, employers, local governments and others.
Patriot Underwriters Inc. is the program administrator for regional and national insurance carriers providing all necessary "turn-key" servicing functions for carrier partners including full claims administration, underwriting, loss control, claims, nurse case management, cost containment services and premium auditing.