Fla.-based Patriot National Insurance Group, a workers’ compensation insurance provider, announced a partnership with Stonewood National Insurance Company, an affiliate of the Franklin Holdings, LTD Group.
Under their partnership arrangement, Patriot will write workers’ compensation insurance through its Managing General Agency, Patriot Underwriters, Inc. and Patriot will serve as a program administrator with defined underwriting and claims settlement authority.
For Stonewood, the agreement will further build their specialty workers’ compensation platform. The program is focused in select Midwestern states on segments within the health care industry.
“We are pleased with the ability to partner with Patriot in the product segment. As with all of our business, we are focused on select classes of risks at price points that we believe are reflective of exposure and which represent appropriate profit potential,” said Steve Hartman, president and CEO of Stonewood Insurance Companies. “Stonewood writes this segment in several other jurisdictions, and it is one of the segments within workers’ compensation which we have targeted for growth. A prerequisite for doing well in these classes in workers’ compensation is having the right expertise in claims, underwriting and loss control. Patriot is an established player with expertise in insuring risks in these target classes and jurisdictions.”
This is Patriot’s second partnership with an A-rated insurance carrier and comes shortly after a $28-million capital infusion into Patriot’s wholly-owned subsidiary, Guarantee Insurance Company. Patriot’s expansion and growth model calls for strategic alliances with partners, such as Stonewood, that share Patriot’s dedication to providing an excellent insurance product and industry leading customer service.
Source: Patriot National Insurance Group
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