Patriot Founder Mariano Selling Comp Carrier Ashmere Insurance

In the latest twist for troubled insurance-services business Patriot National, company founder Steven Mariano announced on Monday that he is selling Deerfield Insurance Holdings Inc. and its operating subsidiary, workers’ comp carrier Ashmere Insurance Co. The buyer is Bedrock Insurance Group Holdings LLC, an entity that was formed specifically for the purpose of acquiring Ashmere, according to “AJ” Ambuj Jain, an adviser to Bedrock. Jain said Bedrock is a wholly owned subsidiary of a large organization that has global insurance industry investments. But the Bedrock in...