FORT LAUDERDALE, Fla., July 13, 2017 (GLOBE NEWSWIRE) -- Patriot National, Inc.(NYSE:PN), a leading provider of technology and outsourcing solutions to the insurance industry, announced today that its Board of Directors has accepted the resignation of Founder, Chairman of the Board, President and Chief Executive Officer Steven M. Mariano and appointed John Rearer as Chief Executive Officer.
Mr. Mariano offered his resignation on July 10, 2017, and the Board executed a separation agreement with Mr. Mariano on July 12, 2017. As the founder and majority shareholder, Mr. Mariano will serve in a consulting role where he will assist the company as reasonably requested by the Board of Directors or Chief Executive Officer, and be available upon request to the Special Committee of independent directors to explore and review a range of strategic alternatives for the Company.
Lead Director Jack Del Pizzo stated, “Steven Mariano has been the visionary behind Patriot National. We are grateful for his service and look forward to his continued guidance as we explore strategic alternatives.”
The Board has appointed John Rearer as Chief Executive Officer. He is a seasoned insurance executive with over 25 years of industry experience. He joined Patriot Underwriters in 2005 as Vice President of Underwriting and most recently served as Chief Executive Officer of Patriot Underwriters, Inc. Prior to joining Patriot, Mr. Rearer served as Vice President of Preferred Employers Group, a managing general agency in Miami.
Mr. Rearer commented, “I am honored by the Board’s confidence in me and the opportunity to lead Patriot National as Chief Executive Officer.”
There is no assurance the review of strategic alternatives will result in any alternatives being announced or consummated. The Company does not intend to discuss or disclose further developments during this process unless and until the Board has approved a specific action or otherwise determined that further disclosure is appropriate.
About Patriot National
Patriot National, Inc. is a national provider of comprehensive technology and outsourcing solutions that help insurance companies and employers mitigate risk, comply with complex regulations and save time and money. Patriot National provides general agency services, technology outsourcing, software solutions, specialty underwriting and policyholder services, claims administration services, and self-funded health plans to its insurance carrier clients, employers and other clients. Patriot National is headquartered in Fort Lauderdale, Florida. For more information about Patriot National, please visit www.patnat.com.