Patriot Risk Management, Inc. · Fort Lauderdale, FL United States ·(NASDAQ (GM): PRMI)
Company Description
Phone: 954-670-2900
Fax: 954-779-3556
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This link will open in a new window Patriot Risk Management's devotion is in taking care of America's employees. Focused on providing workers' compensation services and products, the company serves employers primarily in Florida, as well as in 18 other states and the District of Columbia. Patriot offers alternative market services (the policyholder or third party bears most of the underwriting risk) and traditional workers' compensation insurance through its Guarantee Insurance subsidiary. Its PRS Group provides insurance services such as nurse case management and cost containment for workers' compensation claims. The company serves small to large customers in the hospitality, retail, and construction industries, among others.
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Key Patriot Risk Management, Inc. Financials
| Company Type | Private - NASDAQ (GM): PRMI Headquarters |
| Fiscal Year-End | December |
| 2007 Sales (mil.) | $33.0 |
| 2007 Employees | 150 |
Patriot Risk Management, Inc. Executives
10 executives listed for Patriot Risk Management, Inc.'s Fort Lauderdale, FL location.
| Title | Name & Bio | Contact |
| Chairman, President, and CEO | Steven Mariano | Network |
| Chairman, President, and CEO | Sandy Fodor | Network |
| SVP and CFO | Michael Grandstaff | Network |
Competition
Competitive Landscape for Patriot Risk Management, Inc.
Demand is driven by demographics and commercial transactions. Demand is also driven by legal or financial requirements. Consumers are usually required by states to buy auto insurance and by lenders to buy homeowners insurance, for example. The profitability of individual companies depends on effective marketing and on the ability to accurately estimate future payments. Large companies have big economies of scale in administration and in access to capital, as well as advertising and marketing. Small companies can compete successfully by specializing in particular products or industries. Average annual revenue per worker is around $400,000, so the industry is not labor-intensive. In the late 2000s recession, insurers saw revenues decline sharply when their investment portfolios lost value after the market fell. Insurance carriers rely heavily on their investment portfolios, which is where they invest premiums collected until they are needed to pay claims or benefits. In addition, deregulation of the insurance and financial services industries led to increased risk taking that hurt insurers' credit ratings. Insurance giant AIG was forced to accept $150 billion in government loans to stave off bankruptcy that was brought on by its overexposure to credit default swaps. Federal government bailouts have primarily targeted banks. Aside from AIG, insurance companies have not been as hard hit by the subprime mortgage meltdown. But some insurance companies are seeking relief from state regulators to allow them to operate with less capital. Other insurance companies are buying financial institutions to qualify for federal aid. To read the full description, subscribe now.Top Patriot Risk Management, Inc. Competitors
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