Federated National Holding Company has completed its acquisition of 100% of Monarch National Insurance Company, the primary operating subsidiary of Monarch Delaware Holdings LLC (MDH), held by the Company’s joint venture partners and repayment of the related debt.
The firm’s subsidiary, Federated National Insurance Company (FNIC), purchased for about US $12 million in cash the Class A membership interests of MDH held by Crosswinds Investor Monarch LP, representing 42.4% of MDH’s membership interests.
It also purchased the Class B membership interests of MDH held by Transatlantic Reinsurance Company (TransRe), for about US $4,4 million in cash, representing 15.2% of MDH’s membership interests.
The outstanding principal and accrued but unpaid interest due on the $5 million note to TransRe was also repaid in full.
The Company also announced that it has rescheduled the release of its 2017 fourth quarter and year-end financial results to after 4:00 PM (ET) on Tuesday, March 13, 2018.
The Company’s Chief Executive Officer and President, Michael Braun, and its Chief Financial Officer, Ronald Jordan, will discuss the financial results and review the firm’s outlook.