Insurance news

• PatNat enters bankruptcy ahead of Cerberus takeover

  03-02-2018 01:55
  Patriot National, a provider of services to insurers especially
  in workers' compensation lines, sought US Bankruptcy Court
  protection from creditors as part of a plan to be acquired by
  secured creditors led by units of Cerberus Capital Management.
  The company formerly run by CEO Steven Mariano listed $159.4mn
  in assets and $242.2mn in liabilities in the 30 January Chapter 11
  reorganisation filing in Delaware. The filing also lists 18 direct
  and indirect PatNat subsidiaries.
  The bankruptcy court
  
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• Heritage taps Lusk from Narragansett Bay for CFO

  03-02-2018 01:55
  Florida property and casualty carrier Heritage has named former
  Narragansett Bay CFO Kirk Lusk to the same position effective 28
  April, when current CFO Steven Martindale will step aside.
  In the interim, Lusk will serve as co-CFO with Martindale, the
  Clearwater, Florida-based carrier said. Heritage acquired
  Northeast-focused Narragansett Bay for $250mn in cash and stock
  last year.
  Martindale was named a Heritage director and plans to remain
  involved with the company after his contract as CFO end
  
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