Patriot National Begins IPO

January 7, 2015

Fort Lauderdale, Florida-based workers’ compensation services provider Patriot National Inc. today launched an initial public offering of 8,315,700 shares of its common stock. The initial public offering price is currently expected to be between $16.00 and $18.00 per share.

Patriot National is offering 7,350,000 shares of its common stock and the selling stockholders named are offering 965,700 shares of common stock.

Underwriters may also purchase first, from Patriot National, up to an additional 1,102,500 shares of common stock and second, from the selling stockholders, up to an additional 144,855 shares of common stock, in each case, solely to cover over-allotments, if any, within 30 days from the date of the offering.

Patriot National said it intends to apply to list its common stock on the New York Stock Exchange under the symbol “PN.”

Patriot National said it intends to use the net proceeds from the offering, together with borrowings under a proposed senior secured credit facility or cash on hand, to fund repayment of existing indebtedness. Any remaining net proceeds will be used for working capital and general corporate purposes.

Patriot National said it will not receive any proceeds from the sale of shares of common stock by the selling stockholders.

Patriot National provides workers’ compensation services to insurance companies, employers, local governments and reinsurance captives. Its customized insurance programs are marketed through independent retail agencies. While the company plays a role in the underwriting, production and administration, revenue for its services is fee-based and it does not write any insurance policies or bear underwriting risk, according to the company.

UBS Securities LLC, BMO Capital Markets Corp. and SunTrust Robinson Humphrey, Inc. are acting as joint book-running managers of the offering, and JMP Securities LLC and William Blair & Company, L.L.C. are acting as co-managers of the offering.

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