FedNat Increases Share Repurchase Authorization to $20 Million
11 March 2020 - 7:05AM
FedNat Holding Company (NASDAQ: FNHC) (“FedNat” or the “Company”),
a regional insurance holding company, announced that its Board of
Directors has authorized an additional $10 million authorization to
the share repurchase program the Company disclosed in December of
2019. This increased authorization will allow the Company to
purchase up to $20 million of shares outstanding in calendar year
2020.
“This increased authorization to our 2020 share
repurchase program demonstrates our board and management’s
commitment to returning capital to shareholders,” said Michael H.
Braun, President and Chief Executive Officer. “FedNat has
already repurchased approximately $3.8 million of shares since the
start of the year, and given current market conditions we view
share buybacks as an attractive way to utilize our strong balance
sheet and cash position in a way that is accretive for our
shareholders.”
Share repurchases may be made by the Company
from time to time in open market transactions at prevailing market
prices or under one or more trading plans adopted to comply with
Rule 10b5-1 under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”). The Company will carry out all such
repurchase transactions in compliance with Rule 10b-18 under the
Exchange Act and other applicable laws, rules and regulations.
The share repurchase program does not obligate
FedNat to acquire any particular amount of common stock and the
program may be suspended or discontinued at any time. FedNat
expects to finance the purchases with existing cash balances.
About the Company
FedNat is a regional, insurance holding company
that controls substantially all aspects of the insurance
underwriting, distribution and claims processes through our
subsidiaries and contractual relationships with independent agents
and general agents. The Company, through our wholly owned
subsidiaries, is authorized to underwrite, and/or place homeowners
multi-peril, federal flood and other lines of insurance in Florida
and other states. We market, distribute and service our own
and third-party insurers’ products and other services through a
network of independent and general agents.
Contacts
Michael H. Braun, CEO (954) 308-1322
Ronald Jordan, CFO (954) 308-1363
Bernard Kilkelly, Investor Relations (954)
308-1409,
or investorrelations@fednat.com
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