Brief: Federated National Holding estimates Hurricane Matthew aggregate gross liabilities about $77 mln

Fednat Holding Co

11/10/2016 14:04

Oct 11 (Reuters) - Federated National Holding Co  FNHC.O : 
    * Federated National Holding - currently estimates that 
aggregate gross liabilities as a result of Hurricane Matthew 
will be approximately $77 million 
    * Federated National Holding Co- believes that its losses, 
net of reinsurance, should not exceed $18.45 million and may be 
as low as $8 million 
    * Federated National Holding -initial loss estimate in 
Florida is $75 million in gross losses, $18.45 million in net 
losses retained after credit for reinsurance 
    * Federated National Holding Co- Federated National's 
initial loss estimate in South Carolina is $2 million in gross 
losses 
    * Federated National's total net retention should not 
increase beyond $18.45 million - SEC filing 
    * Federated National Holding -combined effect of additional 
separate reinsurance agreement could reduce net losses from 
storm in all states to as low as $8 million 
    * Federated National Holding-losses in South Carolina has 
separate reinsurance agreement to cover losses incurred outside 
of Florida from $8 million to $18.45 million 
    * Federated National Holding - Monarch National Insurance 
Company's losses in connection to this hurricane are currently 
expected to be immaterial 
 
Source text: (http://bit.ly/2dtgyfj) 
Further company coverage:  FNHC.O  
 
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