Guarantee Insurance Company, a leading provider of workers’ compensation insurance, today announced that it has closed a financing transaction resulting in a $28 million capital infusion.
Guarantee, which has seen steadily growing capital levels over the last decade, reports that this infusion marks the largest capitalization in company history, and propels the carrier to over $75 million in statutory surplus.
Steven M. Mariano, chairman and CEO of Guarantee parent company, Patriot National Insurance Group, said “With this investment completed, Guarantee Insurance Company now has greater financial flexibility to fuel its growth, expand into new geographic markets and strengthen its strong partnership with its clients.”
In addition to Guarantee, Patriot National is the parent company for Patriot Underwriters, Inc. a national program administrator that produces and underwrites workers’ compensation insurance for leading carriers nationwide.
Guarantee president Charles K. Schuver added, “This latest round of financing is a testament to the strength of our business and the resilience of our programs in the face of ever changing market conditions. I am confident this surplus boost will allow our company to continue its track record of growth and success in the workers compensation industry.”
Source: Patriot National Insurance Group