Federated National Holding

FedNat shares down 9.5% on reserve charges revelation

Shares in Florida carrier FedNat were trading down 9.5 percent in New York today as investors reacted negatively to preannounced reserve charges that included hurricane loss creep and deterioration outside of its core homeowners business.

1347 PIH considers options after FedNat closes Maison acquisition

FedNat Holding Company has completed the $51mn acquisition of the homeowners insurance operations of 1347 Property Insurance Holdings (1347 PIH), with the seller transforming into a holding company of reinsurance and investment management businesses.

FedNat joins Florida peers in upping Irma gross loss

Florida insurer FedNat has increased its gross loss estimate of Hurricane Irma losses by $40mn and Hurricane Michael by $50mn.

Cats and reinsurance costs drive FedNat Q3 CR to 105.5%

Florida-based insurer FedNat Holdings has announced a 5.2 point increase in its third quarter combined ratio to 105.5 percent, up from 100.3 percent in the prior year period.

FedNat hit by $11mn of Q3 gross cat losses

FedNat Holding Company has revealed catastrophe losses will reduce its third-quarter pre-tax income by $7mn.

FedNat receives Maison acquisition approval

FedNat has received regulatory approvals from Florida and Louisiana for its $51mn Maison acquisition, with the Florida insurer separately tweaking its 2019-2020 reinsurance programme.

FedNat enters “cooperation agreement” with Capital Returns

Florida insurer FedNat Holdings has responded to legal proceedings filed against it by the Ronald Bobman-run Capital Returns Management, ceding to demands that it holds an annual shareholder meeting, setting a date of 17 October.

FedNat’s Maison acquisition expected to close in December

Florida insurer FedNat Holdings has provided an update on its Maison acquisition while reporting second quarter adjusted operating income of $5.7mn, down from $9.1mn for the same period of 2018.

Capital Returns sues FedNat to force shareholder meeting

Ronald Bobman-run Capital Returns Management has filed a lawsuit demanding that FedNat Holding hold an annual shareholder meeting.

Capital Returns’ Bobman seeks FedNat board position

Shares in FedNat Holding surged by more than 6 percent yesterday after it emerged that investor Capital Returns Management LLC had sought representation on its board in an activist move on the company.

FedNat reports $15.5mn non-Florida cat losses in Q2

Florida-based homeowners specialist FedNat has warned that hail and wind-related cat losses in the second quarter will reduce its pre-tax income for the period by $9.3mn. The company was also hit by hail losses in Q1.

FedNat confirms combined cat cover with Maison

FedNat placed $147mn of additional private market limit as it combined its pending Maison acquisition with its Monarch and core FedNet operation into a single reinsurance programme.

FedNat hires former Heritage CUO to lead Monarch growth

FedNat has hired former Heritage and UPC Insurance executive Mel Russell as vice president and head of its Monarch National subsidiary.

FedNat prices in line with 1 June average: sources

FedNat is close to completing its 1 July reinsurance renewal at pricing that is expected to be in line with the mid-to-high-teen average increases seen at 1 June, The Insurer can reveal.

FedNat could delay Maison deal – analyst

Florida homeowners insurer FedNat could delay the close of its acquisition of Maison Insurance Company until after the wind season, according to JMP Securities analyst Matthew Carletti.

FedNat pushed to Q1 loss on 70% hail storm estimate increase

Florida insurer FedNat Holding made an operating loss of $2.4mn in the first quarter, compared with income of $8.5mn in the same period last year, after again increasing its hail storm loss estimate.

FedNat increases Q1 hail loss estimate by 57 percent

Florida insurer FedNat Holdings has updated its estimate of first quarter weather-related losses to $12.2mn, net of its quota-share reinsurance, including $11mn of losses from the Brevard County hail storm.

FedNat maintains FHCF participation at 75 percent

FedNat’s two Florida operating subsidiaries have both elected to maintain their current 75 percent participation in the state’s cat fund for the 2019 hurricane season.

FedNat ups Irma estimate by 10%; reports cat-hit Q4 loss

Florida-based insurer FedNat Holdings has increased its Hurricane Irma estimate to $695mn, with reinsurers taking on all of the additional losses.

FedNat to buy 1347’s Maison platform for $51mn

FedNat Holding Company has agreed a deal to buy Maison Insurance Company (MIC) and other homeowners’ related entities from 1347 Property Insurance Holdings for $51mn.

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