FNHC - FedNat Holding agrees with Hale Partnership Capital Management over $15M investment

Insurance holding company FedNat Holding (NASDAQ:FNHC) entered into an agreement with Hale Partnership Capital Management for a $15M investment into the former's subsidiary Monarch National Insurance Company. The investment, subject to satisfaction of certain conditions, will make Hale a majority owner in the unit. The transaction has been approved by the Florida Office of Insurance Regulation. FNHC will also contribute additional capital into the unit. Monarch will assume ~83,000 policies insuring Florida insureds from another FedNat subsidiary, FedNat Insurance, effective Jun. 1. FedNat Insurance's remaining Florida policies will be canceled effective Jun. 29. Also, the holding company will cancel the remaining Florida policies of another subsidiary, Maison Insurance, effective Jun. 30, subject to obtaining applicable regulatory approvals.

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FedNat Holding agrees with Hale Partnership Capital Management over $15M investment