New York City, NY, November 21, 2017 – Bedrock Insurance Group Holdings LLC (BIGH) announced today that is has entered into a definitive agreement to acquire Deerfield Insurance Holdings, Inc. and its operating subsidiary Ashmere Insurance Company (AIC), a workers’ compensation specialty insurance company.
Based in Fort Lauderdale, Florida, AIC is a new workers compensation specialty insurance company focused on delivering expertise and high value services to the underserved market segment of rurally located low volume insurance producers. AIC transforms a complex line of commercial insurance into a fast, simple and accurate process that delivers affordable pricing to small commercial customers with preferred risk characteristics.
The acquisition is subject to closing conditions, including regulatory approval. Debevoise & Plimpton LLP acted as legal advisor to BIGH in connection with the transaction.
“We are truly excited about serving an underserved niche within the workers’ compensation specialty market with the acquisition of Ashmere”, said “AJ” Ambuj Jain, an advisor to BIGH on this transaction. He added, “we will contribute substantial capital to Ashmere and our goal is to build a strong long-term partnership with the rural agents who serve small to mid-size accounts”.
Frank Kushler, Chief Underwriting Officer of Ashmere Insurance Company stated, “It is extremely exciting that a company with the reputation and resources of BIGH has decided to add Ashmere to its portfolio of operating companies. Under the ownership and management of BIGH, we believe that AIC will be built into a premier workers’ compensation specialty insurance carrier.”
Since October 2016, Patriot National, Inc. (NYSE: PN), a Fort Lauderdale, FL based technology and outsourcing solutions provider, has provided turnkey business process outsourcing (BPO) services for AIC. These BPO services include underwriting, claims settlement, loss control, technology software, and premium audit.
“We look to forward to continuing our relationship with Ashmere,” said John Rearer, Chief Executive Officer of Patriot National. “The commitment of additional capital will allow for significant growth and will enable us to continue to expand Ashmere to our broad network of trusted agents.”
About Bedrock Insurance Group Holdings
BIGH invests globally throughout the insurance industry, creating long-term value for stakeholders by supporting talented management teams with its base of permanent capital. BIGH actively seeks to work with underserved, local independent agents who target small to mid-size insurance markets, and will continue to build on these relationships through its expanding array of product offerings.
About Ashmere Insurance Company
Ashmere Insurance Company was a new business in October 2016 started by a group of long-term insurance industry executives who desired to transform the relationship between small commercial workers compensation policy holders and their insurance company.
AIC’s business platform is two-fold: 1) to operate a disciplined underwriting model with imbedded predictive analytics that identifies and appropriately prices small accounts with preferred risk characteristics and 2) to operate the company so efficiently that access to the process and services can be delivered over a wide scale, including agents with smaller commercial insurance books of business.
About Patriot National
Patriot National, Inc. is a national provider of comprehensive technology and outsourcing solutions that help insurance companies and employers mitigate risk, comply with complex regulations and save time and money. Patriot National provides general agency services, technology outsourcing, software solutions, specialty underwriting and policyholder services, claims administration services, and self- funded health plans to its insurance carrier clients, employers and other clients. Patriot National is headquartered in Fort Lauderdale, Florida. For more information about Patriot National, please visit www.patnat.com.
“AJ” Ambuj Jain
Bedrock Insurance Group Holdings LLC 508-296-5031
Vice President of Communications and Public Relations Patriot National, Inc.