Patriot National may have botched sale chance: JMP

Insurance industry service provider Patriot National may have
"squandered" an opportunity to sell itself for more than
$475mn and now appears to be bonding more closely with an insurance
carrier owned by CEO Steven Mariano.
PatNat has arranged to send $30mn to Guarantee Insurance Company
in exchange for 10-year service agreements that stipulate no
decline in fee revenue.
The move suggests "a significant change in strategy from
what up until this point had been a commitment to public
shareholders