Reinsurance News
FedNat
FedNat exploring strategic alternatives as it files for Chapter 11 bankruptcy protection
12th December 2022
Florida-based primary insurer, FedNat Holding Company, has announced that it and certain wholly-owned subsidiaries have filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the U.S., with the company set to explore all strategic alternatives, including a sale of its assets. FedNat says that it has filed voluntary petitions ... Read the full article
FedNat CEO Braun steps down, Patterson takes reins
26th July 2022
Florida-based primary insurer FedNat Holding Company has revealed that its Chief Executive Officer (CEO), Michael Braun, has resigned from his position, effective July 24th. Board member David Patterson has been named as interim CEO while the company seeks to find a permanent replacement. Braun’s resignation follows a challenging period for FedNat, as ... Read the full article
SURE picks up 14,000 FedNat homeowners policies in South Carolina
7th July 2022
SureChoice Underwriters Reciprocal Exchange (SURE), a carrier partner of insurtech company SageSure, has assumed more than 14,000 South Carolina homeowners policies from FedNat Insurance Company. This announcement comes after FedNat completed a £15m investment in Monarch as the Florida Office of Insurance regulation authorised the assumption of 78,000 policies between ... Read the full article
FedNat completes $15m investment in Monarch, transfers policies over
6th July 2022
FedNat has completed its £15m investment in Monarch as the Florida Office of Insurance regulation authorised the assumption of 78,000 policies between the two firms. The investment was made through funds managed by Hale Group. With the closing of the transaction, the Hale Group is now majority owner of Monarch, with ... Read the full article
FedNat to transfer & cancel policies in downsizing deal
24th May 2022
Florida-based primary insurer FedNat Holding Company has announced a new deal to transfer and cancel the policies of its subsidiary, FedNat Insurance Company (FNIC), as part of its plans to downsize ahead of a challenging mid-year renewal period. Under the terms of the arrangement, Hale Partnership Capital Management LLC will ... Read the full article
FedNat CFO Jordan quits
18th May 2022
Ronald A. Jordan, CFO of troubled insurance company FedNat, has resigned from his role. The resignation of Jordan is the latest in a series of travails for the firm. A filing from the FedNat Holding Company announced that he has handed in his resignation, effective June 10th, 2022. The filing states ... Read the full article
FedNat seeks to downsize ahead of reinsurance squeeze
10th May 2022
Michael H. Braun, CEO of Florida based primary insurer FedNat, has revealed that the company is seeking to become “much smaller, with significantly fewer policies in force,” ahead of what it anticipates to be an extremely challenging mid-year renewal period. Last month, leaders at FedNat cast doubts over the company’s ... Read the full article
FedNat has doubt it can continue amid downgrade and underwriting losses
26th April 2022
Florida headquartered primary insurer FedNat has cast doubt over its ability to continue as a going concern in light of its recent rating downgrade by Demotech, while the firm expects further underwriting losses in Q1 2022 on the back of new catastrophe weather events. Almost a decade ago, FedNat embarked on ... Read the full article
FedNat enters into consent order with OIR after downgrade
22nd April 2022
Florida based primary insurer FedNat along with its carriers, FedNat Insurance Company (FNIC), Maison Insurance Company (MIC) and Monarch National Insurance Company (MNIC) has entered into a consent order with the Florida Office of Insurance Regulation (OIR). In accordance to the order, FedNat and its carriers have agreed to file with ... Read the full article
FedNat rating downgraded to ‘S’ by Demotech
18th April 2022
Florida headquartered primary insurer FedNat has lost its 'A' rating as Demotech has downgraded its Financial Stability Ratings (FSR) to 'S' (Substantial), putting the carrier at-risk of its policies not being allowed for mortgaged homes. Only last October Demotech affirmed the 'A' (Exceptional) Financial Stability Rating (FSR) of FedNat Insurance ... Read the full article
FedNat loss grows, reinsurance costs blamed
4th March 2022
Florida based primary insurer FedNat has reported a net loss of $103.1 million for 2021, compared with a loss of $78.2 million in the previous year. The company says the larger loss in 2021 was primarily the result of higher reinsurance costs and the lack of any income tax benefits in ... Read the full article
FedNat takes $8m catastrophe hit in Q4
23rd February 2022
Florida based primary insurer FedNat has estimated that catastrophe weather losses incurred during the fourth quarter of 2021 will reduce its net income for the period by approximately $8 million. This figure is net of reinsurance recoveries and other offsets including affiliated fees, on both a pre-tax and after-tax basis. Catastrophe weather ... Read the full article
FedNat posts $25mn Q3 loss as CR hits 165%
9th November 2021
FedNat has announced a net loss of $24.8 million in the third quarter, a further slide from the $20.7 million loss posted in the prior year period. Meanwhile, the company’s combined ratio reached 165.4%, driven primarily by 37.7 points of net catastrophe losses in the period. Losses and loss adjustment expenses (LAE) ... Read the full article
Demotech affirms FSR of FedNat Holding Company carriers
11th October 2021
Demotech has affirmed the Financial Stability Ratings (FSR) of A (Exceptional) for FedNat Insurance Company, Maison Insurance Company, and Monarch National Insurance Company. This level of FSR is assigned to insurers who possess exceptional financial stability related to maintaining positive surplus as regards policyholders, sufficient liquidity of invested assets, an acceptable ... Read the full article
In order for FedNat to maintain its rating, it must continue to raise capital: FedNat’s Simberg
17th September 2021
FedNat Holding Company has provided an update on the activities of its Strategic Review Committee (SRc), which was formed last year by the company’s Board of Directors. The committee was created to review the company’s business plan, capital ... Read the full article
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