1347 Property appoints interim CEO to lead new strategy
1347 Property Insurance Holdings has appointed current board member and former chairman Larry Swets Jr. as its interim chief executive officer.
Swets will be responsible for leading the company throughout the formation, launch, and initial execution of its strategy of building a diversified holding company of reinsurance and investment management businesses, with a focus on three key areas - insurance, asset management, and real estate.
Furthermore, the company intends to change its name to Fundamental Global Financial Corporation (FGFC) to align with its future business plans.
Kyle Cerminara, chairman of the company, said: “We believe that Larry is the ideal person to lead the Company as we create the foundation for a financial holding company and are delighted he decided to expand his role as a Director. Larry has direct experience in leading an insurance business as it transitioned into other areas of opportunity, which is specifically what we are trying to accomplish at FGFC.
"At the Board level, we are working diligently to identify opportunities to maximize the return of our capital position for all shareholders. We believe it is important to have leadership in place immediately while we position the business to take advantage, and Larry has the skillset to execute on these plans.”
Swets commented: “I am pleased to expand my role as a Director at the Company and to help guide initial asset allocation and management decisions, as well as explore future opportunities to maximize shareholders’ capital. The Company is in a strong financial position, and we expect to be thoughtful in our approach to how we utilize our balance sheet in the coming months and years ahead.
"We believe that there are excellent opportunities to deliver a high return on capital through strategic investments in the asset management and real estate markets, along with leveraging our collective insurance expertise to identify dislocations in reinsurance markets where we can immediately take advantage. I look forward to maintaining an active dialogue with our investors and team, while guiding the Company through these initial stages of its development.”
