Federated National Holding

FedNat explores “strategic alternatives” as it files for bankruptcy protection

FedNat Holding Company has filed for Chapter 11 bankruptcy protection with the Florida-based carrier planning to evaluate “all strategic alternatives” for its future.

FedNat misses interest payment on senior notes

Florida carrier FedNat – which is in the process of winding down its operations while retaining a minority stake in Monarch National Insurance – has revealed it has not made an interest payment that was due on senior notes that have an aggregate principal amount of $100mn.

FedNat’s Monarch stake reduced to 30% after further share sale to Hale

FedNat has sold 30,000 more shares of Monarch National Insurance to Hale Partnership Capital Management for $2.5mn, which reduces FedNat’s ownership of Monarch’s common stock to 30 percent.

FedNat’s 10-Q filing delayed by Monarch transaction

FedNat Holding Company has notified the SEC that it will file its 10-Q report late, a move that follows the spin off of its Monarch National unit in July with its other operations to be wound down.

FLOIR green lights 78k policies assumption by Monarch National in FedNat spin-off

Hedge fund Hale Partnership has completed the transaction to buy a majority stake in Monarch National for $15mn with the carrier being spun off by FedNat Holdings to assume its Florida portfolio of 78,000 homeowners policies.

SageSure carrier partner SURE completes assumption of SC FedNat policies

Coastal property MGU SageSure said the transfer of more than 14,000 South Carolina homeowners policies to its carrier partner SURE from FedNat Insurance Company (FNIC) has been completed, with the recently launched reciprocal exchange assuming the portfolio.

FedNat reveals $15mn Hale investment in Monarch

Hedge fund Hale Partnership Capital Management will invest $15mn to take a majority stake in FedNat Holding Company-owned Monarch National Insurance Company (MNIC), which is being spun off from its beleaguered parent and will assume its Florida book of 83,000 policies.

FedNat appoints Fernandez interim CFO as Jordan departs

Erick Fernandez has been appointed interim chief financial officer of FedNat Holding Company after Ronald Jordan resigned from the role.

FedNat Insurance Company to “wind down” with Monarch set for sale to new investor

FedNat Insurance Company (FNIC) is to cancel more than 56,500 in-force policies as part of a restructuring plan that will see its remaining business assumed by sister company Monarch National, which is then set to be acquired by a new investor.

FedNat’s Braun: FLOIR “receptive” to action plan to become much smaller

FedNat Holdings’ CEO Michael Braun has said Florida’s insurance regulator is receptive to the embattled carrier’s plan to become much smaller and buy XOL reinsurance on a Florida-only book, while investors sent its share price down over 25 percent after its first quarter operating loss widened.

FedNat net loss widens to $31mn in Q1 from $19mn YoY

Catastrophe losses at beleaguered Florida insurer FedNat more than doubled in the first quarter to $29mn from $13mn last year, causing the company’s net loss to swell to $31mn in the first quarter, from $19mn last year.

FedNat 10-K confirms “substantial doubt” over ability to continue operating

Beleaguered FedNat Holding Company in a 10-K filing has admitted there is “substantial doubt” over its ability to remain a going concern given Demotech’s downgrade of the carrier’s financial strength rating to ‘S’ (substantial) from ‘A’ (exceptional), its ability to secure adequate reinsurance and the continued impact of severe weather events on its operations.

FedNat stock tumbles after filing consent order amid broader P&C sell off

FedNat Holding Company’s share price fell by over 26 percent during Friday trading as investors digested news that the carrier had entered into a consent order with the Florida Office of Insurance Regulation (FLOIR).

FedNat to file plan with FLOIR, concedes “substantial doubt” over continuing as going concern

FedNat Holding Company has agreed to file a plan with the Florida Office of Insurance Regulation (FLOIR) to demonstrate its ability to maintain a financial strength rating acceptable to the secondary mortgage market, buy sufficient reinsurance, secure additional capital and address its non-Florida losses and policies.

FedNat share price slides 14% after Demotech downgrade

Shares in embattled Florida carrier FedNat Holding Company fell 14.4 percent on Monday, the first day of trading since Demotech downgraded its financial stability rating.

Louisiana’s Donelon proposes fines for five carriers for “improper activity”

Louisiana State Insurance Commissioner Jim Donelon’s office is proposing $764,750 in total fines for five insurance companies doing business in the state, including a $250,000 punishment on United Property and Casualty, after finding the companies engaged in “improper activities” following hurricanes in 2020.

FedNat loses critical Demotech ‘A’ rating

Troubled Florida specialist carrier FedNat has had its financial stability rating from Demotech downgraded to S from A, breaching a critical threshold that could throw into doubt the company’s ability to write homeowners business on its own paper.

FedNat’s strategic review continues despite Florida refocus

FedNat Holdings continues to work with Piper Sandler on a strategic review that includes exploring capital strengthening options after a dramatic reshaping of its book to refocus on Florida, where its premium base in the state increased $80mn last year at a time when it was cutting back exposure.

FedNat’s Q4 operating loss narrows as CR improves to 135.5%

FedNat Holding Company has reported an operating loss of $7.3mn for the fourth quarter, an improvement on the prior period, in results that included a 135.5 percent combined ratio driven by preannounced catastrophe losses and reserve strengthening.

FedNat reveals $12mn of Q4 cat losses and reserve strengthening

Florida-based carrier FedNat Holding Company has announced catastrophe weather losses incurred during the fourth quarter of 2021 will reduce net income by $8mn in its Q4 results, which will also include $4mn of reserve strengthening for prior years.

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