FORT LAUDERDALE, Fla., Dec. 6, 2010 – (PRNewswire) – Patriot Risk Management, Inc. announced today that it has spun-off Patriot Underwriters, Inc. and Patriot National Insurance Group, Inc., parent of Guarantee Insurance Company. Following the spin-off, both Guarantee Insurance Company and Patriot Underwriters will be wholly owned subsidiaries of Patriot National Insurance Group.
Guarantee Insurance Company specializes in traditional and alternative market workers’ compensation insurance products. Guarantee Insurance Company is licensed to write workers’ compensation insurance in 26 states and has affiliate relationships with other insurance companies to provide nationwide coverage.
Patriot Underwriters, Inc. is a Managing General Agency, Program Administrator and Business Process Outsourcing Service Provider (BPO) specializing in workers’ compensation insurance. Patriot Underwriters delivers an extensive platform of products and services to agents, brokers and insurance companies.
PRS Group, Inc. and its operating subsidiary Patriot Risk Services, Inc. will remain a wholly owned subsidiary of Patriot Risk Management. Patriot Risk Services provides nurse case management, cost containment, claims administration and adjudication services to the workers’ compensation industry. Patriot Risk Services holds Case Management Accreditation from URAC, a healthcare accrediting organization that establishes quality standards for the healthcare industry.
About Patriot Risk Management, Inc.
Patriot Risk Management, Inc. is an insurance holding company focused on the workers’ compensation insurance industry. Through its subsidiaries, Patriot Risk Management produces, underwrites and administers alternative market and traditional workers’ compensation insurance plans, and provides claims services for insurance companies, segregated cell captives and reinsurers. For further information, please visit www.prmigroup.com
Patriot Risk Management, Inc.
SOURCE Patriot Risk Management, Inc.