IPO FILING: Patriot Risk Management (PRMI)

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Patriot Risk Management filed with the SEC for its IPO paperwork this morning. The maximum proposed aggregate offering price for the workers’ compensation company is listed as $115 million but this number is for filing purposes only. The company intends to trade on the Nadsaq Global Market under the ticker “PRMI.” The underwriter for the offering is Friedman Billings Ramsey.

Patriot Risk Management is a workers’ compensation risk management company that provides both traditional and alternative market workers’ compensation products and services through two business components: insurance and insurance services. A majority of its business exists in Florida; however, it operates in 18 states and the District of Columbia. Patriot believes that its specialty product knowledge, low expense ratio, and hybrid business model drives strong returns and a competitive advantage in underserved markets. The proceeds from the initial public offering would be used to complete various acquisitions, pay off loan obligations, and for capital contributions for existing subsidiaries. In 2007, Patriot generated revenues of $32.9 million and a net income of $2.4 million. In 2006, revenues reached $28.2 million for a net income of $1.6 million.

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Rachel Lopez
May 13, 2008