1347 Property Insurance Holdings, Inc. has announced the appointment of current Board Member and former Chairman, Larry G. Swets Jr., as its Interim Chief Executive Officer (CEO), effective immediately.
In his new role, Swets will be responsible for leading the firm through the formative stages of launching its diversified holding company strategy.
The company notes that it continues to pursue its strategy of building a diversified holding company of reinsurance and investment management businesses, with a focus on insurance, asset management, and real estate.
As announced previously, in order to align with its future business plan, the company intends to change its name to Fundamental Global Financial Corporation, subject to the approval of its shareholders at the 2020 Annual Meeting.
Chairman of the firm, Kyle Cerminara, commented: “We believe that Larry is the ideal person to lead the Company as we create the foundation for a financial holding company and are delighted he decided to expand his role as a Director. Larry has direct experience in leading an insurance business as it transitioned into other areas of opportunity, which is specifically what we are trying to accomplish at FGFC.
“At the Board level, we are working diligently to identify opportunities to maximize the return of our capital position for all shareholders. We believe it is important to have leadership in place immediately while we position the business to take advantage, and Larry has the skillset to execute on these plans.”
Swets has served as a Member of the Board of Directors since November 2013, and previously served as Chairman from March 2017 to May 2018. Previously, he served as CEO of Kingsway Financial Services, Inc. from 2010 to 2018.
In 2005, Swets founded Itasca Financial LLC, and prior to this he worked as an insurance company executive and advisor, including as Director of Investments and Fixed Income Portfolio Manager for Lumbermens Mutual Casualty Company, formerly known as Kemper Insurance.
Swets commented: “I am pleased to expand my role as a Director at the Company and to help guide initial asset allocation and management decisions, as well as explore future opportunities to maximize shareholders’ capital. The Company is in a strong financial position, and we expect to be thoughtful in our approach to how we utilize our balance sheet in the coming months and years ahead.
“We believe that there are excellent opportunities to deliver a high return on capital through strategic investments in the asset management and real estate markets, along with leveraging our collective insurance expertise to identify dislocations in reinsurance markets where we can immediately take advantage. I look forward to maintaining an active dialogue with our investors and team, while guiding the Company through these initial stages of its development.”
