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| FNHC > SEC Filings for FNHC > Form 8-K on 8-Feb-2013 | All Recent SEC Filings |
8-Feb-2013
Entry into a Material Definitive Agreement, Other Events, Financial
On February 5, 2012, Federated National Insurance Company ("Federated National"), a wholly owned subsidiary of Federated National Holding Company (the "Company"), and the Florida Office of Insurance Regulation (the "OIR") entered into an amended consent order (the "Amended Order"), which modifies certain provisions of the existing consent order dated January 25, 2011 (the "Original Order"). The Amended Order eliminates the monthly reporting requirements imposed by the Original Order and modifies the $500,000 per month limit on new homeowners' policies in Miami-Dade, Broward and Palm Beach counties (the "Tri-County Area"). Under the Amended Order, Federated National will be permitted to maintain homeowners' policies in force in the Tri-County Area up to 35% of its total homeowners' policies in force which is currently at 19.9%. Notwithstanding the change to the Tri-County Area limit, the Company intends to continue its disciplined approach to underwriting its policies in the Tri-County Area.
The foregoing description of the Amended Order does not purport to be complete and is qualified in its entirety by reference to the full text of the Amended Order, a copy of which is attached as Exhibit 10.1 to this Form 8-K and is incorporated by reference herein.
On February 4, 2013, Federated National Underwriters, Inc. ("Federated Underwriters"), a wholly owned subsidiary of Federated National Holding Company (the "Company"), entered into an Insurance Agency Master Agreement (the "Agreement") with Ivantage Select Agency, Inc. ("ISA"), an affiliate of Allstate Insurance Company ("Allstate"). Pursuant to the Agreement, Federated Underwriters is authorized to appoint Allstate agents to offer the Company's Homeowners and Commercial General Liability insurance products to consumers in Florida. This Agreement is part of the Company's efforts to expand the distribution of its insurance products. It is not possible to estimate at this time the number of policies that may be written as a result of this Agreement since ISA may represent other carriers or contract with other wholesale agencies, intermediaries or producers during the term of this Agreement
The following exhibit is filed with this Current Report on Form 8-K:
(d) Exhibits.
10.1 Amended Consent Order dated February 5, 2013 between the Florida Office of Insurance Regulation and Federated National Insurance Company
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