Patriot Risk Management, Inc. (Patriot) announced today that
Gross Premiums Written and Managed (1) totaled approximately $31.0
million for the quarter ending June 30, 2009, a 54% increase over
the same period in 2008. Strong sales growth in the second quarter
was attributable to alternative market insurance solutions written
by Patriot Underwriters, Inc. on behalf of Patriot�s insurance
subsidiary, Guarantee Insurance Company as well as ULLICO Casualty
Company, a Patriot BPO business partner.
�Patriot�s multi-carrier workers� compensation strategy fueled
our growth in the second quarter,� said Steven M. Mariano,
Patriot�s Chairman and Chief Executive Officer. �ULLICO Casualty's
broad geographic footprint allows Patriot to leverage its expertise
in alternative market insurance solutions and expand its market
reach. In the second quarter, we entered a number of new states,
including California and Texas. Patriot�s national footprint has
attracted many new clients with diverse geographic operations who
are seeking creative insurance solutions.�
�The second quarter premiums reported by Patriot reaffirm our
decision to enter into a stock purchase agreement with this
emerging company,� said Andrew Lerner, Chief Executive Officer of
Inter-Atlantic Financial, Inc. �Patriot is executing on a business
model that is delivering growth in a very challenging
environment.�
Patriot previously announced a stock purchase agreement with
Inter-Atlantic Financial (NYSE Amex: IAN). The combined company
will be led by Patriot�s management team and will continue to be
publicly traded. The acquisition agreement is subject to customary
closing conditions, including Inter-Atlantic Financial shareholder
approval and at least 70% of Inter-Atlantic Financial�s
shareholders choosing not to exercise their redemption rights. The
Patriot leadership team expects to begin meeting with
Inter-Atlantic Financial shareholders in early August 2009. A
shareholder vote and closing is expected later in the third
quarter.
�I am looking forward to meeting with current and prospective
shareholders to provide details about our specialized business
model and strategic vision for Patriot and reviewing our second
quarter operating results,� said Steve M. Mariano.
� �
(1)
�
Gross Premiums Written and
Managed, a non-GAAP measure, refer to gross alternative market
and traditional premiums written by Guarantee Insurance Company,
together with gross premiums written by other insurance companies
for which Patriot provides general agency and underwriting
services, claim services, and, in certain cases, assumes a portion
of the risk. For large deductible policies, Gross Premiums Written
and Managed are presented gross of deductible credit as if these
policies do not have a per-occurrence deductible.
About Patriot Risk Management, Inc.
Patriot Risk Management, Inc. (Patriot) produces, underwrites
and administers alternative market and traditional workers�
compensation insurance plans and provides claims services for
insurance companies, segregated cell captives and reinsurers.
Through its subsidiaries, PRS Group, Inc. and Patriot Underwriters,
Inc., Patriot provides workers� compensation insurance services,
including marketing, underwriting, policy and claims
administration, captive management and nurse case management and
cost containment services. Through its subsidiary, Guarantee
Insurance Company, Patriot provides alternative market risk
transfer solutions and traditional workers� compensation insurance
plans for employers. For further information, please visit
www.prmigroup.com.
About Inter-Atlantic Financial, Inc.
Inter-Atlantic Financial (NYSE Amex: IAN) is a special purpose
acquisition company formed for the purpose of acquiring, through a
merger, a capital stock exchange, asset acquisition, stock purchase
or other similar business combination, an operating business in the
financial services industry. The management of Inter-Atlantic has
invested in 19 growth-oriented financial services companies since
2001. As a special purpose acquisition company, Inter-Atlantic is
scheduled to dissolve and liquidate if it does not complete a
business combination transaction by October 9, 2009. For further
information on Inter-Atlantic Financial, please go to
http://www.interatlanticfinancial.com/.
About ULLICO Casualty Company
ULLICO Casualty Company, a wholly owned subsidiary of ULLICO
Inc., is an insurance company that provides property and casualty
products, including workers' compensation, fiduciary and union
liability, surety and other commercial lines. ULLICO Inc., with
$5.3 billion in total assets under management, is an insurance and
financial services holding company. Since 1927, the ULLICO Family
of Companies has offered quality insurance and investment products
and solutions to serve its single most important client, the
American labor movement. For additional information, visit
www.ullico.com.
SEC Legends
Inter-Atlantic Financial, Inc. (IAN) is filing with the
Securities and Exchange Commission (�SEC�) all applicable documents
including a preliminary proxy statement, and will mail a definitive
proxy statement and other relevant documents to IAN stockholders. A
copy of these filings will be available when filed on the SEC
website (http://www.sec.gov), and may also be found on the
Inter-Atlantic Financial website at
http://www.interatlanticfinancial.com/.
IAN and Patriot and their respective directors and executive
officers may be deemed to be participants in the solicitation of
proxies for the special meeting of IAN�s stockholders to be held to
approve the proposed business combination. IAN stockholders and
other interested persons are urged to read IAN�s preliminary proxy
statement and definitive proxy statement, when available, in
connection with IAN�s solicitation of proxies for the special
meeting because these proxy statements will contain important
information. Such persons can also read IAN�s final prospectus,
dated October 2, 2007, its annual report on Form 10-K for the
fiscal year ended December 31, 2008 and other reports as filed with
the SEC for a description of the security holdings of IAN�s
officers and directors and their respective interests in the
successful consummation of this business combination. The
preliminary proxy statement and definitive proxy statement of IAN
will contain information with respect to the officers and directors
of Patriot. The definitive proxy statement of IAN will be mailed to
stockholders as of a record date to be established for voting on
the proposed business combination. Stockholders will also be able
to obtain a copy of the definitive proxy statement, without charge,
by directing a request to IAN at: 400 Madison Avenue, New York, NY
10017. The preliminary proxy statement and definitive proxy
statement, once available, and the final prospectus and other
filings of IAN can also be obtained, without charge, at the SEC
website (http://www.sec.gov).
This announcement shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of any securities in any state or jurisdiction in which
the offer, solicitation or sale of securities would be unlawful and
may not be offered or sold within the United States in the absence
of registration or an applicable exemption from the registration
requirements of the Securities Act of 1933, as amended (the
"Securities Act"), and applicable state securities laws. Any
offers, solicitations of offers to buy, or any sales of securities
will only be made in accordance with the registration requirements
of the Securities Act or an exemption therefrom. This announcement
is being issued pursuant to and in accordance with Rule 135c under
the Securities Act.
Forward-Looking Statements
Any statements contained in this press release that do not
describe historical facts may constitute forward-looking statements
as that term is defined by the United States Private Securities
Litigation Reform Act of 1995. This press release may contain
certain forward-looking statements including statements with regard
to the future performance of IAN and Patriot. Words such as
�believes,� �expects,� �projects,� "will" and �future� or similar
expressions are intended to identify forward-looking statements.
Any such forward-looking statements contained herein are based on
current expectations, but these forward-looking statements
inherently involve certain risks and uncertainties that may cause
actual results to differ materially from expectations such as
material adverse events affecting IAN and Patriot, the ability of
IAN to complete a business combination and those other risks and
uncertainties that are detailed in the IAN�s Prospectus and other
filings with the SEC. IAN undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
Inter-Atlantic Financial (AMEX:IAN)
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Inter-Atlantic Financial (AMEX:IAN)
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