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FedNat Holding Company Reports Second Quarter of 2018 Results

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SUNRISE, Fla., Aug. 06, 2018 (GLOBE NEWSWIRE) -- FedNat Holding Company (the "Company") (NASDAQ:FNHC) today reported results for the three and six months ended June 30, 2018.

Q2 2018 highlights (as measured against the same three-month period last year, except where noted):

  • Net income of $8.8 million or $0.69 per diluted share.
  • Annualized return on equity of 16.4%, excluding investment gains.
  • Gross written premiums of $166.7 million.
  • Quarter-end Florida homeowners' in-force policies of approximately 257,000.
  • 54.7% increase in non-Florida homeowners' in-force policies to approximately 38,000.
  • 15.7% decrease in loss and loss adjustment expenses to $47.6 million.
  • $1.6 million of claims, net of reinsurance, from severe weather events in Florida and other states.
  • Reduced staffing by 20 positions during the quarter, representing approximately $1.2 million in annual savings as a result of exiting non-core lines of business and improved operational efficiencies within our Homeowners operations.  Year-to-date decreased 70 positions representing approximately $4.2 million in annual savings.
  • Book value per share increased 3.2% to $16.89 as compared to $16.36, excluding non-controlling interest, as of March 31, 2018. Excluding accumulated other comprehensive income, book value per share increased 3.9% to $17.31 as of June 30, 2018 from $16.66 as of March 31, 2018.

Mr. Michael H. Braun, the Company's Chief Executive Officer, said regarding the quarter's results, "Solid strategic execution has produced significant earnings growth with improved underwriting profitability in the first half of 2018 that positions FedNat for continued earnings growth over the second half of this year and beyond. Earnings per share more than doubled to $0.69 cents over last year's second quarter, driven by solid performance in our core homeowners Florida market plus earned premium growth in our coastal markets outside of Florida. Our improved operating efficiencies across the company reduced operating expenses while maintaining the same high quality of service that we are known for to our policyholders and partner agents. We also reduced our net loss ratio and our combined ratio was the lowest that we have recorded in over two years. Also, we have finalized our reinsurance panel for 2018-2019 at favorable terms resulting in approximately $30 million in annual savings that will be realized over the next four quarters."

Mr. Braun added, "We are well positioned to continue to produce strong financial results as we enter the second half of the year. Our exposure management has helped generate savings in our new reinsurance program which, combined with the prior rate increases continuing to earn out, are expected to benefit financial results in the third quarter and beyond. Our focus remains on building our homeowners book in Florida and other coastal states and continuing to improve our operating efficiencies to drive earnings growth and shareholder value."

Consolidated

  • Net income of $8.8 million or $0.69 per diluted share during the second quarter of 2018, as compared to net income of $4.0 million or $0.30 per diluted share during the second quarter of 2017.
  • Comparing to March 31, 2018, book value per share increased $0.53 in the second quarter of 2018, to $16.89 at June 30, 2018.  The increase was driven by income of $0.69 per share, as noted above, offset by the decrease in unrealized gains (losses) within other comprehensive income of $0.12 per share, as a result of the impact of rising interest rates on bond valuations, and a decrease of $0.08 per share from dividends.

Revenues

  • Total revenue decreased $2.5 million or 2.5%, to $95.7 million for the three months ended June 30, 2018, compared with $98.2 million for the three months ended June 30, 2017.  The decrease was primarily driven by lower net realized investment gains for the three months ended June 30, 2018 as compared to the same period in 2017.
  • With focus on profitability and managing our underwriting exposure, gross written premiums decreased $2.0 million, or 1.2%, to $166.7 million in the quarter, compared with $168.7 million for the same three-month period last year.  The decrease in premiums written is the result of declining premiums in the non-core businesses we are exiting, Automobile and commercial general liability, outpacing premium growth in Homeowners.  Our homeowners non-Florida business continues to show impressive growth year over year, especially in the states of Texas and Louisiana.
  • Gross premiums earned decreased $3.7 million, or 2.4%, to $146.9 million for the three months ended June 30, 2018, as compared to $150.6 million for the three months ended June 30, 2017.  The results are a reflection of our decision to exit the Automobile and commercial general liability lines and were partially offset by a 3.4% increase in earned premiums in Homeowners.  Additionally, in homeowners Florida, our 10.0% rate increase, effective August 1, 2017, continues to earn out and our homeowners non-Florida continues to grow on an earned basis.
  • Ceded premiums decreased $3.7 million, or 5.5%, to $63.3 million in the quarter, compared to $67.0 million the same three-month period last year.  The decrease is primarily made up of lower ceded premiums in Automobile due to lower gross premiums earned during the periods.  Starting in the third quarter of 2018, our 2018-2019 reinsurance program will become effective and will lower our ceded premiums by approximately $7.5 million on a quarterly basis.
  • Direct written policy fees decreased by $1.5 million, or 31.1%, to $3.3 million for the three months ended June 30, 2018, compared with $4.8 million in the same period in 2017. The decrease in direct written policy fees was primarily due to our withdrawal from Automobile.
  • Other income increased $1.1 million, or 23.9%, to $5.7 million in the quarter, compared with $4.6 million in the same three-month period last year.  We recorded in the second quarter of 2018 $0.8 million of additional brokerage income from reinstating layer 1 and 2 in our excess-of-loss reinsurance tower as a result of Hurricane Irma losses.  With the new reinsurance program becoming effective next quarter, as noted above, the related brokerage revenue will decrease by $1.4 million on a quarterly basis due to the Company's decreased reinsurance spend and elimination of the brokerage income related to reinstatement, as noted above.

Expenses

  • Losses and loss adjustment expenses ("LAE") decreased $8.8 million, or 15.7%, to $47.6 million for the three months ended June 30, 2018, compared with $56.4 million for the same three-month period last year.  The net loss ratio decreased 10.6 percentage points, to 56.9% in the current quarter, as compared to 67.5% in the second quarter of 2017.  The lower ratio was the result of the decrease in the size of Automobile ($6.6 million lower losses, including adverse development) driven by the closure of poor performing programs, and better loss experience in Homeowners and Automobile in 2018 due to our exposure management efforts, the continued earn-out of our homeowners Florida August 1, 2017 10% rate increase and lower net losses from severe weather ($1.6 million in the second quarter of 2018 as compared to $2.8 million in the prior year quarter). These decreases were partially offset by $1.4 million of lower ceded losses related to Homeowners quota share treaties in the second quarter of 2018 as compared to the second quarter of 2017.
  • The net expense ratio decreased 1.0 percentage points, to 42.1% in the current quarter, as compared to 43.1% in the second quarter of 2017.  Commissions and other underwriting expenses decreased $1.0 million, or 3.4%, to $29.9 million for the three months ended June 30, 2018, compared with $30.9 million for the three months ended June 30, 2017.  The decrease is made up of lower acquisition related costs from Automobile driven by the lower gross premiums earned, partially offset by higher salaries and wages as a result of $0.5 million of severance related costs from our headcount reduction initiatives.
  • Interest expense increased $0.9 million to $1.0 million for the three months ended June 30, 2018, compared with $0.1 million in the prior year period. The increase in interest expense is the result of the Company issuing $45.0 million of senior notes, late in December 2017.  During the second quarter of 2017, the Company only had $5.0 million of debt on its balance sheet.

Stock Repurchase Program

  • During the second quarter of 2018, the Company repurchased 3,843 shares of common stock for $0.1 million at an average price per share of $15.87.

Line of Business Results

  • Homeowners' net income for the current quarter was $8.4 million, which included 6.3% growth in net premiums earned compared to the second quarter of 2017, the combined ratio for the current quarter was 93.1%, which is the result of better loss experience and cost reductions since last year.
  • Automobile's net loss for the second quarter of 2018 was $0.2 million, down substantially from the prior year quarter, as we wind down our operations in this line of business.
  • Other's net income of $0.6 million in the second quarter of 2018, includes $3.0 million of net investment income, $0.2 million of investment gains and $1.0 million of interest expense.

Conference Call Information

The Company will hold an investor conference call at 9:00 AM (ET) Tuesday, August 7, 2018. The Company's CEO, Michael Braun and its CFO, Ronald Jordan will discuss the financial results and review the outlook for the Company. Messrs. Braun and Jordan invite interested parties to participate in the conference call.

Listeners interested in participating in the Q&A session may access the conference call as follows:

Toll-Free Dial-in:  (877) 303-6913

Conference ID: 2775258

A live webcast of the call will be available online via the "Conference Calls" section of the Company's website at FedNat.com or interested parties can click on the following link:

http://www.fednat.com/investors/conference-calls/ 

Please call at least five minutes in advance to ensure that you are connected prior to the presentation.  A webcast replay of the conference call will be available shortly after the live webcast is completed and may be accessed via the Company's website.

About the Company

The Company is an insurance holding company that controls substantially all aspects of the insurance underwriting, distribution and claims processes through our subsidiaries and contractual relationships with independent agents and general agents. The Company, through our wholly owned subsidiaries, are authorized to underwrite, and/or place homeowners multi-peril, personal automobile, commercial general liability, federal flood and other lines of insurance in Florida and other states. We market, distribute and service our own and third-party insurers' products and other services through a network of independent and general agents.

The Company's supplemental line of business information is designed to afford users greater transparency into our results.  The "Homeowners" line of business consists of our homeowners and fire property and casualty insurance business, which currently operates in Florida, Alabama, Texas, Louisiana and South Carolina. The "Automobile" line of business consists of our nonstandard personal automobile insurance business which currently operates in Georgia, Texas, Alabama, and Florida, pending our withdrawal. The "Other" line of business primarily consists of our commercial general liability (pending our withdrawal) and federal flood businesses, along with corporate and investment operations.

Forward-Looking Statements /Safe Harbor Statements

Safe harbor statement under the Private Securities Litigation Reform Act of 1995:

Statements that are not historical fact are forward-looking statements that are subject to certain risks and uncertainties that could cause actual events and results to differ materially from those discussed herein. Without limiting the generality of the foregoing, words such as "anticipate," "believe," "budget," "contemplate," "continue," "could," "envision," "estimate," "expect," "guidance," "indicate," "intend," "may," "might," "plan," "possibly," "potential," "predict," "probably," "pro-forma," "project," "seek," "should," "target," or "will" or the negative or other variations thereof, and similar words or phrases or comparable terminology, are intended to identify forward-looking statements.

Forward-looking statements might also include, but are not limited to, one or more of the following:

  • Projections of revenues, income, earnings per share, dividends, capital structure or other financial items or measures;
  • Descriptions of plans or objectives of management for future operations, insurance products or services;
  • Forecasts of future insurable events, economic performance, liquidity, need for funding and income; and
  • Descriptions of assumptions or estimates underlying or relating to any of the foregoing.

The risks and uncertainties include, without limitation, risks and uncertainties related to estimates, assumptions and projections generally; the nature of the Company's business; the adequacy of its reserves for losses and loss adjustment expense; claims experience; weather conditions (including the severity and frequency of storms, hurricanes, tornadoes and hail) and other catastrophic losses; reinsurance costs and the ability of reinsurers to indemnify the Company; raising additional capital and our compliance with minimum capital and surplus requirements; potential assessments that support property and casualty insurance pools and associations; the effectiveness of internal financial controls; the effectiveness of our underwriting, pricing and related loss limitation methods; changes in loss trends, including as a result of insureds' assignment of benefits; court decisions and trends in litigation; our potential failure to pay claims accurately; ability to obtain regulatory approval applications for requested rate increases, or to underwrite in additional jurisdictions, and the timing thereof; the impact that the results of our subsidiaries' operations may have on our results of operations; inflation and other changes in economic conditions (including changes in interest rates and financial markets); pricing competition and other initiatives by competitors; legislative and regulatory developments; the outcome of litigation pending against the Company, and any settlement thereof; dependence on investment income and the composition of the Company's investment portfolio; insurance agents; ratings by industry services; the reliability and security of our information technology systems; reliance on key personnel; acts of war and terrorist activities; and other matters described from time to time by the Company in releases and publications, and in periodic reports and other documents filed with the United States Securities and Exchange Commission.

In addition, investors should be aware that generally accepted accounting principles prescribe when a company may reserve for particular risks, including claims and litigation exposures. Accordingly, results for a given reporting period could be significantly affected if and when a reserve is established for a contingency. Reported results may therefore appear to be volatile in certain accounting periods.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made.  We do not undertake any obligation to update publicly or revise any forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.


FEDNAT HOLDING COMPANY AND SUBSIDIARIES
Consolidated Statement of Operations
(In thousands, except per share data)
(Unaudited)

    Three Months Ended   Six Months Ended
    June 30,   June 30,
    2018   2017   2018   2017
Revenues:                
Net premiums earned   $ 83,557     $ 83,554     $ 165,666     $ 165,214  
Net investment income   2,978     2,560     5,921     4,878  
Net realized and unrealized investment gains (losses)   208     2,648     (844 )   2,543  
Direct written policy fees   3,313     4,807     6,889     9,519  
Other income   5,686     4,590     11,187     9,059  
Total revenues   95,742     98,159     188,819     191,213  
                
Costs and expenses:                
Losses and loss adjustment expenses   47,570     56,417     93,641     113,316  
Commissions and other underwriting expenses   29,873     30,929     60,094     58,497  
General and administrative expenses   5,260     5,076     11,345     9,695  
Interest expense   1,023     82     2,107     166  
Total costs and expenses   83,726     92,504     167,187     181,674  
                
Income (loss) before income taxes   12,016     5,655     21,632     9,539  
Income tax expense (benefit)   3,196     1,988     5,567     3,423  
Net income (loss)   8,820     3,667     16,065     6,116  
Net income (loss) attributable to non-controlling interest       (328 )   (218 )   (301 )
Net income (loss) attributable to FedNat Holding Company shareholders   $ 8,820     $ 3,995     $ 16,283     $ 6,417  
                
Net Income (Loss) Per Common Share                
Basic   $ 0.69     $ 0.30     $ 1.27     $ 0.48  
Diluted   $ 0.69     $ 0.30     $ 1.26     $ 0.48  
                
Weighted Average Number of Shares of Common Stock Outstanding                
Basic   12,726     13,171     12,788     13,305  
Diluted   12,846     13,256     12,889     13,405  
                
Dividends Declared Per Common Share   $ 0.08     $ 0.08     $ 0.16     $ 0.16  
                                 


FEDNAT HOLDING COMPANY AND SUBSIDIARIES
Selected Operating Metrics
(Unaudited)

   Three Months Ended   Six Months Ended
   June 30,   June 30,
   2018   2017   2018   2017
                                 
   (In thousands)
Gross premiums written:                
Homeowners Florida   $ 133,006     $ 136,811     $ 241,377     $ 247,664  
Homeowners non-Florida   22,590     14,815     37,034     25,183  
Automobile   5,322     10,622     11,669     29,913  
Commercial general liability   1,570     2,926     4,084     6,222  
Federal flood   4,246     3,518     6,965     5,761  
Total gross premiums written   $ 166,734     $ 168,692     $ 301,129     $ 314,743  


         
   Three Months Ended   Six Months Ended
   June 30,   June 30,
   2018   2017   2018   2017
                                 
   (In thousands)
Gross premiums earned:                
Homeowners Florida   $ 119,080     $ 119,832     $ 237,904     $ 237,376  
Homeowners non-Florida   15,449     10,230     29,088     19,330  
Automobile   6,782     14,760     15,110     30,407  
Commercial general liability   2,393     3,140     5,022     6,334  
Federal flood   3,186     2,601     6,208     5,094  
Total gross premiums earned   $ 146,890     $ 150,563     $ 293,332     $ 298,541  


         
   Three Months Ended   Six Months Ended
   June 30,   June 30,
   2018   2017   2018   2017
                                 
   (In thousands)
Net premiums earned:                
Homeowners   $ 79,647     $ 74,958     $ 157,052     $ 145,554  
Automobile   1,640     5,619     3,851     13,655  
Commercial general liability     2,270       2,977       4,763       6,005  
Total net premiums earned   $ 83,557     $ 83,554     $ 165,666     $ 165,214  
 


FEDNAT HOLDING COMPANY AND SUBSIDIARIES
Selected Operating Metrics (continued)
(Unaudited)

   Three Months Ended   Six Months Ended
   June 30,   June 30,
   2018   2017   2018   2017
                                 
   (In thousands)
Commissions and other underwriting expenses:                
Homeowners Florida   $ 14,175     $ 14,407     $ 28,538     $ 28,464  
All others   4,987     5,787     9,643     11,298  
Ceding commissions   (4,373 )   (4,672 )   (8,088 )   (9,054 )
Total commissions   14,789     15,522     30,093     30,708  
                 
Automobile   1,296     2,480     2,763     4,910  
Homeowners non-Florida   432     327     762     612  
Total fees   1,728     2,807     3,525     5,522  
                 
Salaries and wages   4,369     3,728     8,135     7,403  
Other underwriting expenses   8,987     8,872     18,341     14,864  
Total commissions and other underwriting expenses   $ 29,873     $ 30,929     $ 60,094     $ 58,497  


         
   Three Months Ended   Six Months Ended
   June 30,   June 30,
   2018   2017   2018   2017
                 
Net loss ratio   56.9 %   67.5 %   56.5 %   68.6 %
Net expense ratio   42.1 %   43.1 %   43.1 %   41.3 %
Combined ratio   99.0 %   110.6 %   99.6 %   109.9 %
Gross loss ratio   151.1 %   48.5 %   137.3 %   49.3 %
Gross expense ratio   26.9 %   27.0 %   27.1 %   25.9 %
Book value per share excluding non-controlling interest   $ 16.89     $ 16.65     $ 16.89     $ 16.65  
                                 


FEDNAT HOLDING COMPANY AND SUBSIDIARIES
Consolidated Balance Sheet
(Unaudited)

   June 30,   December 31,
   2018   2017
ASSETS   (In thousands)
Investments:        
Debt securities, available-for-sale, at fair value   $ 425,489     $ 423,238  
Debt securities, held-to-maturity, at amortized cost   5,288     5,349  
Equity securities, at fair value   17,383     15,434  
Total investments   448,160     444,021  
Cash and cash equivalents   83,924     86,228  
Prepaid reinsurance premiums   101,107     135,492  
Premiums receivable, net of allowance   43,032     46,393  
Reinsurance recoverable, net   208,287     124,601  
Deferred acquisition costs   42,920     40,893  
Income taxes, net   8,774     9,817  
Property and equipment, net   3,722     4,025  
Other assets   11,917     13,403  
Total assets   $ 951,843     $ 904,873  
        
LIABILITIES AND SHAREHOLDERS' EQUITY        
Liabilities        
Loss and loss adjustment expense reserves   $ 291,675     $ 230,515  
Unearned premiums   302,295     294,423  
Reinsurance payable   64,220     71,944  
Long-term debt, net of deferred financing costs   44,353     49,251  
Deferred revenue   6,282     6,222  
Other liabilities   27,990     25,059  
Total liabilities   736,815     677,414  
Shareholders' Equity        
Preferred stock, $0.01 par value: 1,000,000 shares authorized        
Common stock, $0.01 par value: 25,000,000 shares authorized; 12,731,777 and 12,988,247 shares issued and outstanding, respectively   127     130  
Additional paid-in capital   140,102     139,728  
Accumulated other comprehensive income (loss)   (5,350 )   1,770  
Retained earnings   80,149     70,009  
Total shareholders' equity attributable to FedNat Holding Company shareholders   215,028     211,637  
Non-controlling interest       15,822  
Total shareholders' equity   215,028     227,459  
Total liabilities and shareholders' equity   $ 951,843     $ 904,873  
 


FEDNAT HOLDING COMPANY AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
Statements of Operations and Operating Metrics by Line of Business
(Unaudited)

 Three Months Ended June 30,
 2018   2017
 Homeowners   Automobile   Other   Consolidated   Homeowners   Automobile   Other   Consolidated
                                                               
 (Dollars in thousands)
Revenues:                              
Gross premiums written $ 155,596     $ 5,322     $ 5,816     $ 166,734     $ 151,626     $ 10,622     $ 6,444     $ 168,692  
Gross premiums earned 134,529     6,782     5,579     146,890     130,062     14,760     5,741     150,563  
Ceded premiums (54,882 )   (5,142 )   (3,309 )   (63,333 )   (55,104 )   (9,141 )   (2,764 )   (67,009 )
Net premiums earned 79,647     1,640     2,270     83,557     74,958     5,619     2,977     83,554  
Net investment income         2,978     2,978             2,560     2,560  
Net realized and unrealized investment gains (losses)         208     208             2,648     2,648  
Direct written policy fees 1,857     1,296     160     3,313     2,173     2,480     154     4,807  
Other income 3,970     405     1,311     5,686     2,731     850     1,009     4,590  
Total revenues 85,474     3,341     6,927     95,742     79,862     8,949     9,348     98,159  
                               
Costs and expenses:                              
Losses and loss adjustment expenses 42,617     1,932     3,021     47,570     49,095     8,547     (1,225 )   56,417  
Commissions and other underwriting expenses 27,281     1,616     976     29,873     25,843     3,847     1,239     30,929  
General and administrative expenses 4,285     75     900     5,260     3,883     175     1,018     5,076  
Interest expense         1,023     1,023     82             82  
Total costs and expenses 74,183     3,623     5,920     83,726     78,903     12,569     1,032     92,504  
                               
Income (loss) before income taxes 11,291     (282 )   1,007     12,016     959     (3,620 )   8,316     5,655  
Income tax expense (benefit) 2,861     (71 )   406     3,196     371     (1,396 )   3,013     1,988  
Net income (loss) 8,430     (211 )   601     8,820     588     (2,224 )   5,303     3,667  
Net income (loss) attributable to non-controlling interest                 (328 )           (328 )
Net income (loss) attributable to FNHC shareholders $ 8,430     $ (211 )   $ 601     $ 8,820     $ 916     $ (2,224 )   $ 5,303     $ 3,995  
                               
Ratios to net premiums earned:                              
Net loss ratio 53.5 %   117.8 %   133.1 %   56.9 %   65.5 %   152.1 %   (41.1 )%   67.5 %
Net expense ratio 39.6 %           42.1 %   39.7 %           43.1 %
Combined ratio 93.1 %           99.0 %   105.2 %           110.6 %
                                       


FEDNAT HOLDING COMPANY AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
Statements of Operations and Operating Metrics by Line of Business
(Unaudited)

 Six Months Ended June 30,
 2018   2017
 Homeowners   Automobile   Other   Consolidated   Homeowners   Automobile   Other   Consolidated
                                                               
 (Dollars in thousands)
Revenues:                              
Gross premiums written $ 278,411     $ 11,669     $ 11,049     $ 301,129     $ 272,847     $ 29,913     $ 11,983     $ 314,743  
Gross premiums earned 266,992     15,110     11,230     293,332     256,706     30,407     11,428     298,541  
Ceded premiums (109,940 )   (11,259 )   (6,467 )   (127,666 )   (111,152 )   (16,752 )   (5,423 )   (133,327 )
Net premiums earned 157,052     3,851     4,763     165,666     145,554     13,655     6,005     165,214  
Net investment income         5,921     5,921             4,878     4,878  
Net realized and unrealized investment gains (losses)         (844 )   (844 )           2,543     2,543  
Direct written policy fees 3,780     2,763     346     6,889     4,297     4,910     312     9,519  
Other income 7,947     893     2,347     11,187     5,522     1,909     1,628     9,059  
Total revenues 168,779     7,507     12,533     188,819     155,373     20,474     15,366     191,213  
                               
Costs and expenses:                              
Losses and loss adjustment expenses 84,572     4,168     4,901     93,641     93,897     18,106     1,313     113,316  
Commissions and other underwriting expenses 54,637     3,476     1,981     60,094     47,889     8,113     2,495     58,497  
General and administrative expenses 9,174     200     1,971     11,345     7,373     350     1,972     9,695  
Interest expense 100         2,007     2,107     166             166  
Total costs and expenses 148,483     7,844     10,860     167,187     149,325     26,569     5,780     181,674  
                               
Income (loss) before income taxes 20,296     (337 )   1,673     21,632     6,048     (6,095 )   9,586     9,539  
Income tax expense (benefit) 5,143     (85 )   509     5,567     2,335     (2,352 )   3,440     3,423  
Net income (loss) 15,153     (252 )   1,164     16,065     3,713     (3,743 )   6,146     6,116  
Net income (loss) attributable to non-controlling interest (218 )           (218 )   (301 )           (301 )
Net income (loss) attributable to FNHC shareholders $ 15,371     $ (252 )   $ 1,164     $ 16,283     $ 4,014     $ (3,743 )   $ 6,146     $ 6,417  
                               
Ratios to net premiums earned:                              
Net loss ratio 53.8 %   108.2 %   102.9 %   56.5 %   64.5 %   132.6 %   21.9 %   68.6 %
Net expense ratio 40.7 %           43.1 %   38.0 %           41.3 %
Combined ratio 94.5 %           99.6 %   102.5 %           109.9 %
                                       


FOR IMMEDIATE RELEASE CONTACT:
Michael H. Braun, CEO (954) 308-1322,
Ronald Jordan, CFO (954) 308-1363,
or Erick A. Fernandez, CAO (954) 308-1341
FedNat Holding Company


 

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