Patriot National Reports $4.8M Loss in Q1 despite Revenue Growth

Patriot National on Wednesday reported a net loss of $4.8 million for the first quarter of 2015, even as its total revenues increased 172% to $43 million from $15.8 million in the prior-year quarter. Patriot, however, said that its first-quarter expenses included $13.7 million in nonrecurring charges related to the extinguishment of debt in connection with an initial public offering in January. Chief Executive Officer Steven M. Mariano said the results "reflect strong execution of our strategy." He said gross written premium increased to $119.5 million during the quarter, compared ...