1347 Property Insurance Holdings is set to change its name to Fundamental Global Financial Corporation and is in the process of forming its own reinsurance subsidiary, Fundamental Global Reinsurance.
Under its new name the company plans to carry out its business via three primary avenues, insurance, asset management, and real estate.
Fundamental Global Reinsurance will provide specialty property and casualty reinsurance and is expected to have a Class B (iii) insurer license in accordance with the terms of The Insurance Law, 2010 and underlying regulations thereto and will be subject to regulation by the Cayman Islands Monetary Authority.
These announcements were made alongside the company’s financial results for 2019, which included cash and cash equivalents of $28.5 million.
Equity securities, consisting of 1,773,102 shares of FNHC common stock with a cost basis of $25.5 million.
At December 31, 2019, the equity securities holding was valued at $29.5 million.
