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1347 Property Insurance Holdings (Nasdaq: PIH) has announced its first reinsurance contract through its subsidiary, Fundamental Global Reinsurance (FGRe). FGRe, established in June 2020, aims to diversify through reinsurance and investment management. CEO Tom Heise, along with advisors Steve Baker and Pete Mattox from Pontus Re, aims to capitalize on improving pricing dynamics in the reinsurance market. Following the sale of its Maison operations, the company is strategically deploying capital to enhance risk-adjusted returns for shareholders.
1347 Property Insurance Holdings (Nasdaq: PIH) reported a net loss of $9.9 million for Q3 2020, translating to $1.69 per diluted share. The company attributed this loss to non-cash adjustments related to investments in FedNat Holding Company. As of September 30, 2020, its cash and cash equivalents stood at $15.2 million, with equity securities valued at $9.1 million, down from $19.6 million in Q2. The company plans to change its name to FG Financial Group, Inc., pending shareholder approval at the annual meeting on December 14, 2020. Larry Swets, Jr. has been appointed CEO effective November 10, 2020.
1347 Property Insurance Holdings, Inc. (Nasdaq: PIH) declared a quarterly cash dividend of $0.50 per share on its 8.00% Cumulative Preferred Stock, Series A. This dividend corresponds to the period from June 15, 2020, to September 14, 2020. The payment date is set for September 15, 2020, for shareholders on record as of September 1, 2020. The Preferred Stock trades under the symbol "PIHPP" on the Nasdaq. The company focuses on diversified insurance, reinsurance, and investment management, operating primarily through subsidiaries.
On May 14, 2020, 1347 Property Insurance Holdings, Inc. (Nasdaq: PIH) declared a quarterly cash dividend of $0.50 per share on its 8.00% Cumulative Preferred Stock, Series A. This dividend pertains to the period from March 15 to June 14, 2020, and will be paid on June 15, 2020, to holders of record as of June 1, 2020. The preferred stock is listed under the symbol PIHPP. The company aims to operate through insurance, asset management, and real estate investments, enhancing shareholder value.
