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.
-
Strategic Review Committee chairman Bruce Simberg sets out the challenge ahead for FedNat as natural catastrophes continue to hit southern policyholders.
-
The company said claims adjusting fees from the event would offset the hit to its retention.
-
The insurer said it had "a tsunami of rate rolling onto the book".
-
The insurer reported a combined ratio of 283.5%, sharply worse than the 147.9% in Q2 2020.
-
The insurer has lifted its ceded premium ratio and noted tougher terms on low-lying all-perils coverage.
-
The insurer has benefited from recoveries from its captive after reworking its reinsurance treaty with the unit.
-
Senator Jeff Brandes and local insurance law experts tell this publication that the state’s insurance market will be hugely vulnerable without reform.
-
The company said adjustments to a previously reported loss related to ceded losses and commissions stemming from a quota share treaty with a captive reinsurer.
-
The offering ended up well below the $43mn size initially mooted, as the carrier turned to the public market after taking $41mn of losses from winter storm Uri.
-
Texas winter storm losses to spill over FedNat reinsurance retention.
-
The company will split out its Florida reinsurance tower and will cede Uri losses to reinsurers after facing six cat events in the past year.
-
The Floridian has also incurred $23mn of net catastrophe losses in Q4 before tax.