FORT LAUDERDALE, Fla., /PRNewswire/ — Patriot National Insurance Group, a leading provider of workers’ compensation insurance and services, announced today that its insurance company subsidiary, Guarantee Insurance Company, reported total net written premium of $29.6 million for the first quarter ended March 31st, 2011, an increase of 70.4% from $17.4 million reported in the same quarter of 2010. Direct premiums written in the first quarter of 2011 were $40.8 million, an increase of 36.9% from $29.8M reported in the same quarter of 2010.
Guarantee’s 2011 first quarter combined ratio was 69.7%, compared to 78.7% in the first quarter of 2010, a decrease of 11.4%. Loss and loss adjustment expense was 54.1%, down 9.3% from 59.7% in the first quarter of 2010. Net underwriting and other operating expenses declined 18.0% from 19.0% in Q1 2010 to 15.6% in Q1 2011.
“We are pleased with our results in the first quarter as we continue to achieve profitable growth in a competitive environment,” said Steven M. Mariano, Chairman & CEO of Patriot National Insurance Group and Guarantee Insurance Company.
Commenting further, Mr. Mariano said, “Guarantee has almost achieved scale in its business model and the net underwriting and other operating expenses are beginning to settle into a targeted 15% expense ratio range. The improvement in loss and loss adjustment expense is attributable to our growing portfolio of large deductible programs.”