1347 Property Insurance Holdings has released its financial results for the third quarter of 2020, which show a net loss attributable to common shareholders of $9.9 million.
The holdings company’s loss is due to the change in fair value of the company’s investment in the common stock of FedNat Holding Company.
Its realised losses of $2.1 million were associated with the sale of 330,231 FNHC shares pursuant to a Share Repurchase and Cooperation Agreement transaction entered into with Hale Partnership Capital Management, which yielded an increase of treasury shares of $5.2 million.
Earlier in March this year, 1347 announced its plans to change its name to Fundamental Global Financial Corporation as well as forming its own reinsurance subsidiary, Fundamental Global Reinsurance.
The proposed rebrand will be voted on by shareholders at the company’s annual meeting on December 14, 2020, after which the ticker of the company’s common stock on the NASDAQ will change to FGF.
1347 also announced Larry G. Swets Jr., has been made Chief Executive Officer (CEO) after being the company’s interim CEO since June.