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SUNRISE, Fla., Dec. 02, 2019 (GLOBE NEWSWIRE) — FedNat Captivation Aggregation (FNHC) (“FedNat” or the “Company”), an allowance captivation company, today appear the acknowledged achievement of its accretion of the homeowners allowance operations of 1347 Acreage Allowance Holdings, Inc. (PIH) (“1347 PIH”), consisting of Maison Allowance Company, Maison Managers, Inc., and ClaimCor LLC (collectively, “Maison”), in a banknote and banal transaction admired at about $51 million.

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Maison is a acreage and blow insurer focused primarily on littoral homeowners markets in Texas and Louisiana, with added operations in Florida. For the abaft twelve months concluded September 30, 2019, Maison appear $96.1 actor of gross accounting premiums. On a proforma basis, the accumulated aggregation appear $684.2 actor in gross accounting premiums above bristles southeastern states for the abaft twelve months concluded September 30, 2019.

“This accretion represents a cogent anniversary in our abiding action to profitably aggrandize FedNat’s amount homeowners operations in the southeast United States,” said. Michael H. Braun, FedNat’s Chief Executive Officer. “With the accretion of Maison, we’ve developed our book of business in markets area we already accomplish and area we like the macro fundamentals, accurately Texas and Louisiana. Further, we will move bound in amalgam Maison to abduction over $3 actor in accepted amount synergies from in-sourcing, which will be incremental to the $7 actor of reinsurance synergies we’re already experiencing in this accord year. We apprehend the transaction to be accretive to EPS and ROE alpha in 2020 and beyond. Finally, we’re aflame to acceptable Doug Raucy and Dean Stroud and their aggregation to the FedNat family.”

Douglas Raucy, President of Maison, stated, “Mike and FedNat’s administration accept already accurate to be abundant partners, and we cannot delay to absolutely accommodate Maison into FedNat’s best-in-class operations. Since Maison’s inception, our ambition has been to authorize ourselves in baddest homeowners allowance markets. Now, we accept the befalling to decidedly aggrandize margins in our book of business, adopting FedNat’s advisable underwriting access and abbreviation costs in the near-term.”

The $51 actor acquirement amount was comprised of a 50/50 mix of banknote and stock, including the arising of 1,773,102 shares of FedNat accepted stock. This arising was based on the weighted‐average closing allotment amount of FedNat accepted banal for the 20 trading canicule above-mentioned to closing, and represents about 12% of shares outstanding. The resale of the shares issued will be accountable to a five‐year Standstill Agreement. In addition, $18.0 million of outstanding surplus agenda obligations of Maison Allowance Aggregation were repaid to 1347 PIH and were replaced with new surplus addendum adjourned by FedNat.

“FedNat is admiring to accept 1347 PIH as a abundant actor in the Company,” said Bruce F. Simberg, Chairman of the Board of Directors of FedNat. “We are committed to creating amount for our shareholders and accept the Maison accretion will accredit FedNat to body on our abiding clue almanac of advance in book amount per share.”

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“We accept Maison is a absolute fit for FedNat,” said D. Kyle Cerminara, Chairman of the Board of Directors of 1347 PIH. “Moving forward, we’re captivated to be shareholders of FedNat, and are assured that the appropriate administration aggregation and action are in abode to accomplish abiding actor value.”

Raymond James & Associates served as absolute banking adviser to FedNat while Nelson Mullins Riley & Scarborough LLP served as acknowledged counsel.

About FedNat

FedNat is a super-regional allowance captivation aggregation that controls essentially all aspects of the allowance underwriting, administration and claims processes through our subsidiaries and acknowledged relationships with absolute agents and accepted agents. The Company, through its wholly endemic subsidiaries, is accustomed to accede and/or abode homeowners multi-peril, federal flood and added curve of allowance in Florida, Texas, Louisiana, South Carolina and Alabama. FedNat markets, distributes and casework its own and third-party insurers’ articles and added casework through a arrangement of absolute and accepted agents. Added advice is accessible at www.fednat.com/investor-relations/.

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About 1347 Acreage Allowance Holdings, Inc.

1347 Acreage Allowance Holdings, Inc. is a adapted insurance, reinsurance and advance administration captivation aggregation congenital in Delaware. Added advice about 1347 Acreage Allowance Holding, Inc., including its Annual Report on Form 10‐K for the budgetary year concluded December 31, 2018, can be begin at the U.S. Securities and Exchange Commission’s website at www.sec.gov, or at PIH’s accumulated website: www.1347pih.com.

Forward‐Looking Statements /Safe Harbor Statements

Certain statements fabricated by FedNat Captivation Aggregation or on its account may accommodate “forward‐looking statements” aural the Private Securities Litigation Reform Act of 1995. Statements that are not absolute actuality are forward‐looking statements that are accountable to assertive risks and uncertainties that could account absolute contest and after-effects to alter materially from those discussed herein. Afterwards attached the generality of the foregoing, words such as “anticipate,” “believe,” “budget,” “contemplate,” “continue,” “could,” “envision,” “estimate,” “expect,” “guidance,” “indicate,” “intend,” “may,” “might,” “plan,” “possibly,” “potential,” “predict,” “probably,” “pro‐forma,” “project,” “seek,” “should,” “target,” or “will” or the abrogating or added variations thereof, and agnate words or phrases or commensurable terminology, are advised to analyze forward‐looking statements.

Forward‐looking statements adeptness additionally include, but are not bound to, one or added of the following: 

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The risks and uncertainties include, afterwards limitation, risks and uncertainties accompanying to estimates, assumptions and projections generally; the attributes of the Company’s business and its adeptness to accommodate the Maison operations acquired; the capability of its affluence for losses and accident acclimation expense; claims experience; acclimate altitude (including the severity and abundance of storms, hurricanes, tornadoes and hail) and added adverse losses; reinsurance costs and the adeptness of reinsurers to atone the Company; and added affairs declared from time to time by the Aggregation in releases and publications, and in alternate letters and added abstracts filed with the United States Securities and Exchange Commission.

Readers are cautioned not to abode disproportionate assurance on these forward‐looking statements, which allege alone as of the date on which they are made. The Aggregation does not undertake any obligation to amend about or alter any forward‐looking statements to reflect affairs or contest that action afterwards the date the forward‐looking statements are made.

Contacts

Michael H. Braun, CEO (954) 308-1322

Ronald Jordan, CFO (954) 308-1363

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Bernard Kilkelly, Investor Relations (954) 308-1409,

or [email protected]

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