Insurer Federated National (FNHC) is set to form a Florida-based property/casualty insurance carrier in a joint venture with Canadian bank CA Bancorp. Trans Re is taking a minority position in the new venture.
The carrier, Monarch National Insurance, is subject to regulatory approval.
“We are looking forward to partnering with FNHC and leveraging FNHC’s known expertise in the Florida P&C market, together with CA Bancorp’s investment management experience,” said Colin King of CA Bancorp.
FNHC and CA Bancorp said they intend to seek out other potential opportunities to grow the Monarch platform, both within Florida and in other states.
Michael Braun, FNHC’s chief executive officer and president, said: “This is a great opportunity for us to partner with two quality organisations that see an opportunity in the Florida homeowner’s insurance market. Additional property capacity is capital intensive and has been long sought after in the Florida marketplace. We are proud that we will both have a significant ownership stake in Monarch and also provide managing general agent and claims administration services to the new venture.”
Federated National, Trans Re, CA Bancorp, North America