At the time of our last check, shares of FedNat Holding Company (NASDAQ: FNHC) were up 7.23% to trade at $0.3767 in the pre-market. The price of FNHC shares increased 56.48% on Thursday to end at $0.35.
What did FNHC do recently?
FedNat (FNHC) recently received notification (the “Notice”) from the Nasdaq Stock Market’s Listing Qualifications Department. FedNat was informed in the letter that it had failed to timely file its Quarterly Report on Form 10-Q for the quarter that ended June 30, 2022, in violation of Nasdaq Listing Rule 5250(c)(1).
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From the date of the notice, FNHC has 60 days to submit a plan to become back in compliance with the Nasdaq Listing Rules. FedNat has informed Nasdaq that it plans to submit Form 10-Q within the allotted 60 days. The Nasdaq Global Market listing or trading of the Company’s common stock is unaffected by the Notice right away.
More from the FNHC:
Monarch National Insurance Company (Monarch) has just been granted permission by the Florida Office of Insurance Regulation (OIR) to assume around 78,000 policies from a FedNat subsidiary, FedNat Insurance Company, as of June 1, 2022. (FNIC). Following the authorization, Monarch had a total of about 83,000 policies.
This assumption was made concurrently with the previously disclosed $15,000,000 investment by funds administered by Hale Partnership Capital Management LLC in Monarch (Hale Group). Following the transaction’s completion, the Hale Group has acquired a majority stake in Monarch, with FedNat continuing to hold a minority stake and have a seat on the company’s board.
FedNat Underwriters, a fully owned subsidiary of FNHC, will continue to handle policy servicing and claims administration for the policies transferred to Monarch. In accordance with its historical reinsurance structure, Monarch received catastrophe excess of loss coverage for the hurricane season in 2022–2023 to safeguard policyholders and Monarch’s surplus. Monarch believes that the reinsurance framework it has in place will offer suitable and reasonable defense against several catastrophic catastrophes.
The remaining Florida policies of FNIC were terminated on June 29, 2022. The non-Florida policies of FNIC have now been canceled, expired, or assumed. With the exception of around 7,650 Texas policies that will expire over the following nine months, all of Maison Insurance Company’s (Maison), which is presently in run-off, non-Florida policies have been canceled or have expired as of June 29, 2022. Maison is currently in run-off.
How FNHC will move ahead?
In order to target only its historical market in Florida, FedNat (FNHC) has substantially left non-Florida markets and anticipates finishing its transformation in the upcoming months. The project will make the FNHC more stable financially and proportioned appropriately for its existing capital and surplus position.
