Federated National buys Monarch Delaware, stake from TransRe
Federated National Holding Company (FNHC) has acquired the interests in Monarch Delaware Holdings (MDH) held by its joint venture partners and the repayment of debt, according to a Feb. 22 press release.
Via its subsidiary Federated National Insurance Company (FNIC), FNHC purchased 42.4 percent of MDH’s membership interests for $12.28 million from Crosswinds Investor Monarch. FNHC also purchased 15.2 percent of MDH’s membership interests from Transatlantic Reinsurance Company (TransRe) for $4.40 million. The outstanding principal and accrued but unpaid interest due on the $5.0 million note to TransRe was also repaid in full. With the closing of the acquisition, FNIC owns 100 percent of Monarch National Insurance Company, the primary operating subsidiary of MDH and recently formed Florida property insurance company.
Federated National Holding Company underwrites multi-peril, personal automobile, commercial general liability, federal flood, and other lines of insurance in Florida and other states. The company also serves as managing general agent for its joint venture, Monarch National Insurance Company. The company markets and distributes its own and third-party insurers’ products and other services through a network of independent agents.
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