Insight and Intelligence on the London & International Insurance Markets 24 Apr 2018
Guarantee’s Mariano beset by financial claims
- 28 November 2017
Guarantee Insurance controlling shareholder and former Patriot National CEO Steven Mariano received transfers from Guarantee for no clear business purpose, weakening the carrier's financial position, a Florida accountant has alleged.
An accountant involved in Florida's examination of Guarantee found that the Fort Lauderdale-based workers' compensation carrier had filed false statements and that it had "systematically transferred" at least $15.7mn to Mariano.
"GIC [Guarantee Insurance Company] made these transfers with no documented business purpose and no discernible benefit to GIC," James...
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