Patriot National Appoints John Rearer as Chief Executive Officer
July 13 2017 - 4:15PM
Patriot National, Inc. (NYSE:PN) (the “Company”), a leading
provider of technology and outsourcing solutions to the insurance
industry, announced today that its Board of Directors (the “Board”)
has accepted the resignation of Founder, Chairman of the Board,
President and Chief Executive Officer Steven M. Mariano and
appointed John Rearer as Chief Executive Officer.
Mr. Mariano offered his resignation on July 10, 2017, and the
Board executed a separation agreement with Mr. Mariano on July 12,
2017. As the founder and majority shareholder, Mr. Mariano will
serve in a consulting role where he will assist the company as
reasonably requested by the Board of Directors or Chief Executive
Officer, and be available upon request to the Special Committee of
independent directors to explore and review a range of strategic
alternatives for the Company.
Lead Director Jack Del Pizzo stated, “Steven Mariano has been
the visionary behind Patriot National. We are grateful for his
service and look forward to his continued guidance as we explore
strategic alternatives.”
The Board has appointed John Rearer as Chief Executive Officer.
He is a seasoned insurance executive with over 25 years of industry
experience. He joined Patriot Underwriters in 2005 as Vice
President of Underwriting and most recently served as Chief
Executive Officer of Patriot Underwriters, Inc. Prior to joining
Patriot, Mr. Rearer served as Vice President of Preferred Employers
Group, a managing general agency in Miami.
Mr. Rearer commented, “I am honored by the Board’s confidence in
me and the opportunity to lead Patriot National as Chief Executive
Officer.”
There is no assurance the review of strategic alternatives will
result in any alternatives being announced or consummated. The
Company does not intend to discuss or disclose further developments
during this process unless and until the Board has approved a
specific action or otherwise determined that further disclosure is
appropriate.
About Patriot NationalPatriot National, Inc. is
a national provider of comprehensive technology and outsourcing
solutions that help insurance companies and employers mitigate
risk, comply with complex regulations and save time and money.
Patriot National provides general agency services, technology
outsourcing, software solutions, specialty underwriting and
policyholder services, claims administration services, and
self-funded health plans to its insurance carrier clients,
employers and other clients. Patriot National is headquartered in
Fort Lauderdale, Florida. For more information about Patriot
National, please visit www.patnat.com.
Forward Looking StatementsThis press release
may include statements that may be deemed to be forward-looking
statements. Words such as "may," "will," "should," "likely,"
"anticipates," "expects," "intends," "plans," "projects,"
"believes," "estimates," "positioned," "outlook," "Guidance," and
similar expressions are used to identify these forward-looking
statements. By their nature, forward-looking statements involve
risks and uncertainties, and there are important factors that could
cause actual results to differ materially from those indicated in
these statements, including those matters contained in our filings
with the Securities and Exchange Commission. With respect to the
Company’s exploration of strategic alternatives, there is no
assurance that the process will result in any transaction or other
action by the Company, that any transaction or other action will be
consummated, or that any transaction or other action will maximize
stockholder value. Potential risks and uncertainties related to
strategic alternatives include, among others, the impact of the
announcement of the exploration of strategic alternatives on the
Company's business, its financial and operating results and its
employees and customers; factors affecting the feasibility and
timing of any transaction or other action; the ability to identify
and close any transaction; and risks related to realization of the
expected benefits of any transaction or other action to the Company
and its stockholders. Although we base these forward-looking
statements on assumptions that we believe are reasonable when made,
we caution you that forward-looking statements are not guarantees
of future performance or events and that results may differ
materially from statements made in or suggested by the
forward-looking statements contained in this press release. Any
forward-looking statement that we may make in this press release
speaks only as of the date of such statement, and we undertake no
obligation to update any forward-looking statement or to publicly
announce the results of any revision to any of those statements to
reflect future events or developments, except as required by
law.
Media and Investor Contact:
Cindy Campbell
Director of Investor Relations
Patriot National, Inc.
(954) 670-2907
CCampbell@patnat.com