Patriot National Exploring ‘Strategic Alternatives’

The board of directors of Patriot National Inc. has formed a new special committee of independent directors to review a “range of strategic alternatives,” the company announced.

The company said there is no assurance that this review will result in any strategic alternatives being pursued and the company does not intend to discuss further developments during the process unless and until there is a specific action to report.

Florida-based Patriot National provides general agency services, technology outsourcing, software, specialty underwriting and policyholder services, claims administration services, and self-funded health plans to its insurance carrier clients, employers and other clients.

Late last year, the Court of Chancery in Delaware prohibited the insurer from paying shareholders a special dividend. The plan for that dividend was announced after merger talks with Ebix Inc. ended wth no deal.