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.”
To continue reading, you need a subscription to Intelligent Insurer. Start a subscription today for £655.
In-house feature articles, the archive and expert comment require a paid subscription. Subscribe now.
Want to give it a try? We are offering a two week free trial to the Intelligent Insurer website – register and select “Two Week Free Trial” to begin access to the full Intelligent Insurer archive and read the latest news, features and expert comment. Begin your free trial here.
Is your 2 week free trial about to end? Upgrade to a 12 month subscription for £655 now.
If you have already subscribed please login.
If you have any technical issues please contact support.
Federated National, Trans Re, CA Bancorp, North America