Patriot National Net Income Plummets, but CEO Cites 'Organic Growth'

Patriot National on Monday reported net income of $3.79 million for the quarter ended Sept. 30, down 77.6% from $16.9 million reported during the third quarter of 2014. For the first nine months of 2015, Patriot National reported an $8,000 loss, compared to profits of $12.8 million during the same period last year. Patriot National became a public stockholder-owned company after an initial public offering in January. Chief Executive Officer Steve Mariano did not address the sharp reductions in reported net income in a press release, but instead focused on "very strong organic growth dri...