LONDON, UK / ACCESSWIRE / July 17, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Patriot National, Inc. (NYSE: PN), following which we have published a free report that can be viewed by signing up at The Company announced on July 13, 2017, that its Board of Directors has accepted the resignation of Founder and the CEO of the Company, Steven M. Mariano. Patriot National also announced John Rearer as the new Chief Executive Officer, where he most recently headed the Patriot Underwriters, Inc., Mariano originally founded the Company in 2003 and was also the Company’s majority shareholder, according to the SEC filings. For immediate access to our complimentary reports, including today’s coverage, register for free now at:

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The Announcement

Mariano offered his resignation on July 10, 2017, post which on July 12, 2017, the Board executed a separation agreement with Mariano. Mariano will continue to serve in a consulting role, where he will help Patriot National, as reasonably requested by the Board of Directors or the CEO, and be available upon request to the Special Committee of independent directors to explore and review multiple strategic alternatives for the Company.

John Rearer, the new CEO, is an insurance executive with over 25 years of experience. Rearer joined Patriot Underwriters, Inc., in 2005 as the Vice President, and most recently held the post of the CEO at the Company. Also, prior to joining Patriot National, Rearer was the VP of Preferred Employers Group, a managing general agency based in Miami. Patriot National, the Fort Lauderdale-based Company, delivers technology and outsourcing products to insurance Companies across the nation.

The Mariano-Stockholder Conflict

Patriot National saw a bearish stroke in May 2016, when the Company disclosed that it had signed an agreement with a Company, that was majority owned by Marian, namely, Guarantee Insurance Corp. The particular agreement with Guarantee Insurance allowed for a $30 million capital injection into Patriot National in exchange for raising the deadline of its contract by at least 10 years. Guarantee Insurance was one of the Company’s biggest customers, accounting for $107.8 million, or 59% of the Company’s fee income in the first three months of 2016.

The Special Dividend Case

The Company also observed turmoil when Mariano proposed a special dividend in 2016, where Mariano, holds about 36.4 % shares outstanding, was set to receive a special dividend pay off. The proposal was challenged by shareholders in court. The Company has been viewing strategic alternatives, where on May 30, 2016, it announced the Board of Directors has formed a new special committee for the exploration of strategic alternatives.

No Q1 FY16 Results

Patriot National has not filed its quarterly filing release from Q1 FY17 filing or its 2016 annual report with the SEC. Also, the Company has been the subject of different class actions in March 2016 from its shareholders. With respect to the Company’s bearish trend, Mariano’s resignation may act as a positive catalyst for Patriot National which has observed its stock prices decline over the past two years.

Last Close Stock Review

At the close of trading session on Friday, July 14, 2017, Patriot National’s stock price jumped 11.76% to end the day at $2.09. A total volume of 387.01 thousand shares were exchanged during the session, which was above the 3-month average volume of 107.70 thousand shares. At Friday’s closing price, the stock’s net capitalization stands at $50.20 million.


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SOURCE: Pro-Trader Daily

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