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Federated National Holdings Company (FNHC) is a Florida based property and casualty insurance provider. In 2012, Federated's insurance business grew dramatically. The Company's Homeowners' Policy count grew by 35%, and its 'Net Premiums Earned' increased by 20%. In the most recent quarter, FNHC's net income increased by 75% year-over-year, despite incurring substantial losses as a result of tropical storm Isaac. More importantly, the Company's tangible book value (TBV), a key metric for valuing insurance companies, increased from $7.01 per share to $8.24 per share, representing an 18% increase over last year.

As of the end of the year, Federated's Enterprise Value stood at a mere $32 million ($42 million market cap, $10 million cash balance, and...

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