Federated National buys Monarch Delaware, stake from TransRe
Federated National Holding Company (FNHC) has acquired the interests in Monarch Delaware Holdings (MDH) held by its joint venture partners and the repayment of debt, according to a Feb. 22 press release.
Via its subsidiary Federated National Insurance Company (FNIC), FNHC purchased 42.4 percent of MDH’s membership interests for $12.28 million from Crosswinds Investor Monarch. FNHC also purchased 15.2 percent of MDH’s membership interests from Transatlantic Reinsurance Company (TransRe) for $4.40 million. The outstanding principal and accrued but unpaid interest due on the $5.0 million note to TransRe was also repaid in full. With the closing of the acquisition, FNIC owns 100 percent of Monarch National Insurance Company, the primary operating subsidiary of MDH and recently formed Florida property insurance company.
Federated National Holding Company underwrites multi-peril, personal automobile, commercial general liability, federal flood, and other lines of insurance in Florida and other states. The company also serves as managing general agent for its joint venture, Monarch National Insurance Company. The company markets and distributes its own and third-party insurers’ products and other services through a network of independent agents.
Join us at Intelligent Automation in Insurance - London 2018. Book by Feb 28th and you could save £300.
More of today's news
Swiss Re hit by loss in P&C, corporate solutions in 2017
Enstar strikes reinsurance deal with Zurich
Allianz attempts to 'squeeze-out and delist' Euler Hermes
AXA sells non-life Azerbaijan operations
Willis Towers Watson makes key hires to lead Hong Kong businesses
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze