1347 Property Insurance Holdings, Inc has announced that its recently established reinsurance subsidiary, Fundamental Global Reinsurance, Ltd. (FGRe), has entered into its first reinsurance contract.
Earlier this year, 1347 PIH announced plans to change its name to Fundamental Global Financial Corporation as well as forming its own reinsurance subsidiary.
The proposed rebrand will be voted on by shareholders at the company’s annual meeting on December 14, 2020.
Led by CEO Tom Heise, FGRe was formed in June 2020, with Pontus Re serving as FGRe’s advisor/manager.
1347 PIH believes that the new reinsurance unit will benefit from favourable supply/demand dynamics as pricing continues to improve in the reinsurance market.
“I am excited to have taken the reigns at FGRe and, in particular, look forward to working with Steve Baker and Pete Mattox at Pontus Re as our external advisors/managers,” said Heise.
“The reinsurance market is in a good spot right now and we think there are ample opportunities for us to deploy capital in pursuit of our return goals.”
1347 Property Insurance Holdings CEO Larry Swets also commented: “Following the sale of our Maison operations early in the year, we have been patient in selecting opportunities to put that capital to work where we believe we can earn the best risk-adjusted returns.”
“We think the current reinsurance environment represents such an opportunity and look forward to working with Tom and his team to deliver value for our shareholders.”
