FedNat
-
Receivership has been historically lower in the past 20 years, but trouble in Florida breaks away from the overall P&C industry trend.
-
As part of its bankruptcy process, the carrier will review strategic alternatives that include the reorganization of the business and the sale of its assets.
-
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'.
-
The company cited its continued Q1 2022 underwriting losses and recent rating downgrade.
-
The Floridian carrier must improve its financial strength rating ahead of its 1 July reinsurance renewal.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The downgrade was attributed to weather claims from Louisiana and Texas following the company’s expansion into those markets.
-
The company will continue to exit non-Florida markets and focus on the local homeowners' sector with increased rates.
-
The Floridian carrier recorded $8.1mn cat losses net of reinsurance compared with $27.9mn a year earlier.
-
Just under half of the $8mn cat losses stem from insurance books FedNat is running off, with reserve strengthening impacted by 2020 reinsurance gaps.
-
FedNat transferred $562mn of its $599mn gross catastrophe losses to reinsurers in the third quarter, company executives said on an earnings call.
-
The carrier will put its Maison Insurance operations into run-off.
-
Inside P&C's Research team looks at the prospects of Florida's wave of new arrivals.
Most Recent
-
Buckle pursuing strategic options including sale
April 24, 2024 -
UIB taps ex-Lockton Re Colombia head Roos Krause as CBO
April 24, 2024