FedNat
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The notification came as the insurer stock traded below $1 per share over the last 30 business days. -
Group chief accounting officer Erick Fernandez will step in as an interim.
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Insurers could face pressure if interest rate and recession fears intersect with worsening loss cost trends.
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The Florida Office of Insurance Regulation signed off a major block of policy cancellations as FedNat works on a plan to keep the Monarch brand afloat.
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The company previously had its Demotech rating downgraded from 'A' to 'S'.
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The company cited its continued Q1 2022 underwriting losses and recent rating downgrade.
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The Floridian carrier must improve its financial strength rating ahead of its 1 July reinsurance renewal.
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The downgrade was attributed to weather claims from Louisiana and Texas following the company’s expansion into those markets.
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The company will continue to exit non-Florida markets and focus on the local homeowners' sector with increased rates.
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The Floridian carrier recorded $8.1mn cat losses net of reinsurance compared with $27.9mn a year earlier.
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Just under half of the $8mn cat losses stem from insurance books FedNat is running off, with reserve strengthening impacted by 2020 reinsurance gaps.
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