Patriot National Insurance Group Inc., a workers’ compensation insurer based in Fort Lauderdale, Florida, has a new partnership with Stonewood National Insurance Co. for a healthcare industry program in the Midwest.
Under the partnership arrangement, Patriot will write workers’ compensation through its managing general agency, Patriot Underwriters Inc., and Patriot will serve as a program administrator with defined underwriting and claims settlement authority, according to the announcement.
For Stonewood, the agreement will further build its specialty workers’ compensation platform. The program is focused in select Midwestern states on segments within the healthcare industry.
Stonewood is an affiliate of the Franklin Holdings, a Bermuda -based holding company with companies that specialize in underwriting select lines of casualty insurance and reinsurance.
Steve Hartman, president and CEO of Stonewood Insurance Companies, said Stonewood writes this healthcare segment in several other jurisdictions, and it is one of the segments within workers’ compensation which it has 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,” Hartman said.
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 Co., the company said.
John Rearer, president of Patriot Underwriters Inc., said the healthcare industry is one of his firm’s areas of expertise.
Patriot National Insurance Group has two operating subsidiaries — Guarantee Insurance Co. and Patriot Underwriters Inc.
Stonewood Insurance Companies are the specialty admitted insurance platform of James River Group Inc., the U.S subsidiary of Franklin Holdings, LTD of Hamilton Bermuda. Headquartered in Raleigh, N.C., Stonewood is comprised of Stonewood National Insurance Co., Stonewood General Insurance Co., Stonewood Insurance Co., and Stonewood Insurance Management Co. Inc. Stonewood is licensed to write property/casualty insurance in 47 states, and workers’ compensation insurance in 28 states.
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