SUNRISE, Fla., May 09, 2022 (GLOBE NEWSWIRE) — FedNat Holding Company (the “Company” or “FedNat”) FNHC today reported results for the three months ended March 31, 2022.
First Quarter 2022 Results
Q1 2022 highlights (as measured against the same three-month period last year, except where noted):
- Net loss of $31.3 million or $(1.79) per diluted share as compared to net loss of $19.4 million or $(1.35) per diluted share.
- Adjusted operating loss of $28.9 million or $(1.65) per diluted share as compared to adjusted operating loss of $19.4 million or $(1.35) per diluted share.
- $31 million or $1.78 per diluted share of catastrophe claims, net of reinsurance recoveries and other offsets including affiliated fees, including $29 million driven by eleven notable events that impacted Florida, Texas, Louisiana and South Carolina during the first quarter of 2022 of which approximately $10 million relates to non-Florida states.
- $137.9 million of gross written premiums, compared to $174.2 million, reflecting non-renewals and run-off activities for Non-Florida states.
- Gross loss ratio for current quarter attritional losses of 27.8% and gross expense ratio of 26.9%, as compared to 36.5% and 26.0%, respectively, in the first quarter of 2021.
- Florida homeowners in-force policies decreased 23% to approximately 152,000, while Florida gross premiums written increased almost 4%, reflecting execution of our strategy to limit exposure and increase rates in Florida.
- Non-insurance company liquidity of approximately $47 million at March 31, 2022.
- Book value per share of $0.81 as of March 31, 2022, or $1.67 per share excluding accumulated other comprehensive income.
Michael H. Braun, FedNat’s Chief Executive Officer, said, “We continued to make progress during the first quarter in our Florida homeowners business resulting from our strategic actions over the past five years to right size our Florida book and increase rates to more accurately reflect the higher costs of doing business. The Company…
