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FNHC > SEC Filings for FNHC > Form 8-K on 2-Mar-2012All Recent SEC Filings

Show all filings for 21ST CENTURY HOLDING CO

Form 8-K for 21ST CENTURY HOLDING CO


2-Mar-2012

Entry into a Material Definitive Agreement, Financial Statements and Exhi


Item 1.01 Entry into a Material Definitive Agreement.

Federated National Insurance Company ("Federated National"), a wholly owned subsidiary of 21st Century Holding Company (the "Company"), has entered into a Reimbursement Contract and Addendum No. 1 thereto (together, the "Contract"), with The State Board of Administration of Florida (SBA). The SBA is the agency that administers the Florida Hurricane Catastrophe Fund ("FHCF") for the 2012-2013 hurricane season.

The Contract will reimburse Federated National for covered property losses under its homeowners' insurance policies resulting from hurricanes that cause damage in the State of Florida, through May 31, 2013.

Under this Contract, the FHCF will provide about $135 million of aggregate seasonal coverage for covered losses in excess of approximately $53 million subject to a 10% Company participation. Federated National's premium for the FHCF reinsurance coverage will be approximately $8.2 million payable in three installments between August 2012 and December 2012. The actual attachment point, total coverage and cost will not be finalized until December 31, 2012.

As is common practice within the insurance industry, a portion of the risks insured under our policies are transferred to other companies through the purchase of reinsurance. The Company purchases reinsurance through excess of loss type treaties from both the FHCF and multiple private reinsurance carriers. Federated National's existing catastrophe reinsurance treaties with private reinsurance carriers from 2011 are in effect through June 30, 2012 and its new private excess of loss type treaties are currently being negotiated and will have a term of one year beginning July 1, 2012.

The description of the terms of the Contract is qualified in its entirety by reference to the full text of the Reimbursement Contract and Addendum No. 1 which are filed as Exhibits 10.1 and 10.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.



Item 9.01 Financial Statements and Exhibits.

(c)      Exhibits.
10.1     Reimbursement Contract between Federated National Insurance Company and
         The State Board of Administration of Florida (SBA) which administers the
         Florida Hurricane Catastrophe Fund (FHCF), effective June 1, 2012
10.2     Addendum No. 1 to the Reimbursement Contract between Federated National
         Insurance Company and The State Board of Administration of Florida (SBA)
         which administers the Florida Hurricane Catastrophe Fund (FHCF),
         effective June 1, 2012


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