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FedNat Holding Company has filed voluntary petitions for Chapter 11 bankruptcy in the Southern District of Florida to maximize stakeholder value. The company holds about $6.5 million in cash, ensuring liquidity during the restructuring process. Operations will continue normally, including employee payments and customer services. GGG Partners has been engaged as financial advisors, while Nelson Mullins Riley & Scarborough LLP will provide legal assistance. The company emphasizes the goal of reorganization or potential asset sales to improve its financial standing.
FedNat Holding Company (Nasdaq: FNHC) announced its decision to voluntarily delist its common stock from the Nasdaq Global Market, effective November 4, 2022. The delisting is due to noncompliance with Nasdaq's listing requirements, specifically the minimum bid price rule and delays in filing financial reports. The company plans to file a Form 25 with the SEC on or around November 7, 2022, resulting in the suspension of trading. The Board of Directors concluded that voluntary delisting is in the best interests of the company and its shareholders, minimizing costs and management demands.
FedNat Holding Company (Nasdaq: FNHC) announced its decision to voluntarily delist its common stock from the Nasdaq Global Market, with an expected effective date of November 17, 2022. The company cited ongoing non-compliance with Nasdaq listing rules, including maintaining a minimum bid price of $1.00 per share, as a primary reason. FedNat also indicated it may explore over-the-counter market trading but has made no arrangements yet. The Board believes delisting is in the best interests of the company and its shareholders, given the costs associated with maintaining Nasdaq compliance.
FedNat Holding Company (Nasdaq: FNHC) announced on August 17, 2022, that it received a notice from Nasdaq for failing to timely file its Quarterly Report on Form 10-Q for the quarter ending June 30, 2022. The company has 60 days to submit a compliance plan and expects to file the report within this timeframe. The notice does not currently affect the listing or trading of FNHC's common stock on Nasdaq.
FedNat Holding Company (FNHC) announced that the Florida Office of Insurance Regulation has authorized Monarch National Insurance Company to assume around 78,000 policies from its subsidiary, effective June 1, 2022. This transaction coincided with a $15 million investment by Hale Partnership Capital Management, making Hale the majority owner of Monarch. FedNat will remain a minority stakeholder and continue servicing the transferred policies. The company is focusing exclusively on the Florida market, aiming for a more stable financial position.
FedNat Holding Company (Nasdaq: FNHC) has announced a plan to transfer the majority of its Florida policies from FedNat Insurance Company to Monarch National Insurance Company effective June 1, 2022. This move follows a $15 million investment by Hale Partnership Capital Management. The Florida Office of Insurance Regulation has approved the agreement, which will also see remaining FNIC Florida policies canceled by June 29, 2022. Meanwhile, non-Florida policies will be handled by SageSure, effective July 1, 2022. These changes aim to strengthen the company's financial position and streamline operations.
FedNat Holding Company (Nasdaq: FNHC) reported a net loss of $31.3 million for Q1 2022, worsening from a $19.4 million loss in Q1 2021, with a diluted loss per share of $(1.79). The company faced $31 million in catastrophe claims, significantly impacting its financials. Gross written premiums dropped to $137.9 million, down 20.8% from $174.2 million a year earlier. Despite an increase in total revenue to $54.9 million, the gross loss ratio rose to 127.8%. The company is undergoing a strategy shift to focus on Florida markets and submitted an action plan to address a downgrade in its insurance rating.
FedNat Holding Company (Nasdaq: FNHC) will release its 2022 first quarter financial results on May 9, 2022, at 4:00 PM (ET). An investor conference call is scheduled for May 10 at 11:30 AM (ET), where stakeholders can participate via a toll-free number provided in the announcement. FedNat operates through its subsidiaries, providing homeowners insurance primarily in Florida. Further details can be accessed on the company's investor relations website.
On April 1, 2022, FedNat Holding Company (Nasdaq: FNHC) received a notification from Nasdaq regarding non-compliance with Listing Rule 5250(c)(1) due to the delayed filing of its Annual Report on Form 10-K for the year ending December 31, 2021.
No immediate impact on the trading of FNHC stock is noted. The company is required to submit a compliance plan by May 31, 2022, and anticipates filing the report in advance of this deadline.
FedNat Holding Company (Nasdaq: FNHC) reported Q4 2021 results revealing a net loss of $8.6 million ($0.49 per diluted share), an improvement from a net loss of $38.1 million in Q4 2020. The adjusted operating loss was $7.3 million, a decrease from $32 million. The gross attritional loss ratio improved to 29.5% from 35.7%. Total revenue decreased 21% to $67 million, primarily due to lower gross premiums. The company continues to streamline its operations, focusing on Florida markets, reducing in-force policies, and enhancing rates to improve profitability.
