Patriot National Inc., a national provider of workers’ compensation and managed care services, said it has acquired Phoenix Risk Management Insurance Services Inc. in Roseville.
According to a filing with the U.S. Securities and Exchange Commission, the Fort Lauderdale, Fla.-based firm is acquiring Phoenix for $1.09 million in cash. Phoenix will be entitled to performance-based payments of up to $1 million a year over the next three years.
Patriot said it also acquired DecisionUR, a Newport Beach-based software company that serves the workers’ compensation industry, for $2.2 million in cash.
Phoenix has served the California workers’ compensation industry for more than 30 years, offering specialty insurance products and risk-management tools.
Steven Mariano, Patriot’s CEO, said in a statement that “Phoenix’s well-established relationships with clients and carriers provide us with valuable contracts and access to new markets.”
Call The Bee’s Mark Glover, (916) 321-1184.