FedNat
-
The delisting comes after the insurer’s stock price fell below $1 for 30 consecutive days. -
As the loss numbers for Hurricane Ian begin to come into focus, three topics to watch are impact from demand surge, litigation trends, and rate activity.
-
If current forecasts prove accurate, this will be a pivotal moment for the already off-balance Florida cohort and could result in a new market landscape.
-
This would become an event of default under the company's outstanding $100mn senior unsecured notes due 2029 and $21mn convertible notes due 2026 if not discharged within 60 days.
-
Demotech earlier warned that more than 15 possible carrier downgrades could come in July.
-
Board member David Patterson took on the role on an interim basis, while Monarch has recruited a new CFO who previously served at Security First.
-
The transfer comes a day after FedNat transferred majority ownership of Monarch to Hale Group.
-
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.
-
Insurers could face pressure if interest rate and recession fears intersect with worsening loss cost trends.
-
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.
-
The company previously had its Demotech rating downgraded from 'A' to 'S'.
Most Recent
-
Need to Know: Allstate investor call, Florida, Cyber
December 05, 2022 -
Cyber awaits moderating rate increases from flat to 25% in Q4: WTW
December 02, 2022
