FedNat net Michael losses $23mnFedNat Holdings Co, the third-largest Florida homeowners’ insurer, said yesterday that its gross losses from last week’s Hurricane Michael will be $275mn but its net losses will fall to a mere $23mn.
FedNat’s share price climbs on HCI’s merger offerFlorida insurer Federated National (FedNat) has seen its share price rise sharply today in early trading on NASDAQ following revelations yesterday evening that it had rebuffed a merger overture from rival HCI Group.
FedNat rebuffed HCI merger overtures: PatelFederated National (FedNat) declined to engage with M&A interest from its Floridian peer HCI which was prompted by the latter’s belief that its proprietary tech could improve the company’s returns, HCI chief exec Paresh Patel has revealed.