Florida-based FedNat Holding Company has received regulatory approval from the Florida Officer of Insurance Regulation and the Louisiana Department of Insurance to move forward with its acquisition of the homeowners insurance operations of 1347 Property Insurance Holdings.
The previously-announced transaction is expected to close as soon as practicable following November 30, and will see FedNat take control of Maison Insurance Company, Maison Managers, Inc., and ClaimCor LLC (collectively, Maison).
Maison is a property and casualty insurer focused on the coastal homeowners’ markets in Louisiana and Texas, with additional operations in Florida.
For the nine months ended September 30, 2018, Maison reported gross written premium of $70.6 million and total statutory surplus of $35.6 million as of that date.
Michael Braun, FedNat’s Chief Executive Officer, has said that the deal represents a unique opportunity to accelerate the diversification of the companys’ predominantly Florida homeowners’ book into Louisiana and coastal Texas.