Reinsurance News

FedNat adds two Independent Directors to Board

13th August 2019 - Author: Luke Gallin

Both David Michelson and David Patterson have been selected as candidates to serve as Independent Directors on the Board of FedNat Holding Company (FedNat).

FedNat HoldingThe additions of both Michelson and Patterson remain subject to regulatory approval, and once this has been received, the Board will immediately expand to nine members and the pair will become directors.

From 2008 until 2016, Michelson served as President and Chief Executive Officer (CEO) of specialty P&C insurer, National Interstate Corporation, and he also served as a director of the firm from 2009 to 2016. He is also a member of the board of directors for Protective Insurance Corporation.

Patterson brings more than 40 years of industry experience to the role, and most recently served as President and Chairman of ESIS, the risk management services unit of Ace Limited (now Chubb) from 2004 to 2015. Prior to this, he was the President and CEO of Kemper National Services.

Bruce Simberg, Chairman of FedNat, commented: “We are pleased to welcome both candidates. Both bring deep property and casualty insurance expertise, as well as regional market experience that will be significant contributors to the successful execution of our long-term plan.”

Effective immediately, Michelson and Patterson have been designated as Board observers while their appointments as directors receive regulatory review.

FedNat’s CEO, Michael Braun, added: “I echo Bruce’s sentiment on our new Board candidates and look forward to working with them as we execute on FedNat’s strategy to drive profitable growth and value creation for our shareholders.”

Ronald Bobman, President of Capital Returns, one of the firm’s largest shareholders, said: “We appreciate the constructive dialogue with FedNat’s management and Board and are pleased to see the Company strengthen its Board. We believe these two new directors will help FedNat continue building value for shareholders.”

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