Patriot National Inc. has filed it S-1 form with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO). No terms were given in the filing, but the it was for up to $100 million. The company will list on the New York Stock Exchange under the symbol PN.
The underwriters for the offering are UBS Investment Bank, BMO Capital Markets and SunTrust Robinson Humphrey.
Patriot National is a national provider of comprehensive outsourcing solutions within the workers’ compensation marketplace for insurance companies, employers, local governments and reinsurance captives. Patriot National offers an end-to-end portfolio of services to increase business production, contain costs and reduce claims experience for its clients. It leverages distribution relationships, proprietary business processes, advanced technology infrastructure and management expertise to deliver solutions to its clients.
Patriot National markets the programs through its broad distribution network of over 1,000 independent retail agencies.
Once an insurance program has established with an insurance carrier client, the company offers a suite of additional services, including claims administration and adjudication, cost containment, nurse case management, fraud investigation and subrogation services.
ALSO READ: 10 Dying and 10 Thriving U.S. Industries
Patriot National generates fee revenue for its services, and it does not write any insurance policies or bear underwriting risk. The filing said on revenues:
On a pro forma basis, after giving effect to the Acquisitions … this offering and the application of use of proceeds therefrom, our revenue was $101.1 million for the nine months ended September 30, 2014 and $93.0 million for the year ended December 31, 2013.
The company plans to use the proceeds to repay all outstanding amounts under the amended and restated first lien term loan agreement. As of September 30, 2014, the company had approximately $66.5 million in outstanding borrowings under its PennantPark Loan Agreement and $56.6 million in outstanding borrowings under its UBS Credit Agreement.
It’s Your Money, Your Future—Own It (sponsor)
Retirement can be daunting, but it doesn’t need to be.
Imagine having an expert in your corner to help you with your financial goals. Someone to help you determine if you’re ahead, behind, or right on track. With SmartAsset, that’s not just a dream—it’s reality. This free tool connects you with pre-screened financial advisors who work in your best interests. It’s quick, it’s easy, so take the leap today and start planning smarter!
Don’t waste another minute; get started right here and help your retirement dreams become a retirement reality.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.