SA News • Mon, Nov. 3
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Federated National Holding Company: A Growth Story
- Federated National Holding Company (FNHC) is a well managed, rapidly growing Florida Homeowners and multi-peril insurance company. FNHC has only a 2.6% market share in Florida (as of 3/31/2014).
- Because it insures primarily in Florida, hurricanes are a significant risk. However, the company cites significant reinsurance for a catastrophic event.
- In the event of a once in a hundred year hurricane, FNHC's losses would be limited to $11 million.
- FNHC’s niche market is insuring newer and more expensive homes which are better built and many of which meet current building codes and carry less risk than older houses.
- Monarch Insurance Company is a new company of which FNHC will own 42.5%. Monarch will insure a niche market below that of FNHC and will contribute to growth.
Federated National Insurance: Stellar Growth And Sound Management, But Clouds Are Gathering
- Federated posted excellent 2Q14 quarterly results, but several items give us pause.
- Growth is exceptional, but the fact that we don't understand the dynamics is puzzling.
- We are not fans of reinsurance-linked accrued profits, which were discussed on the conference call.
- It appears as if the business environment is at its most favorable, implying that returns are at or near cyclical peaks.
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FNHC vs. ETF Alternatives
Federated National Holding Co. is an insurance holding company controlling all steps in the insurance underwriting, distribution and claims processes through its subsidiaries and its contractual relationships with independent agents and general agents.
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