Federated National Holding Company (FNHC) recently announced the closing of its joint venture with Crosswinds Holdings through its majority-owned limited partnership, and Transatlantic Reinsurance Company (TransRe), to form a new property and casualty insurance carrier in Florida known as Monarch National Insurance Company.
Michael H. Braun, FNHC’s President & CEO, said, "We are pleased that Florida’s Office of Insurance Regulation has granted Monarch Insurance’s certificate of authority to write Florida homeowners’ insurance and expect to begin writing new business this month."
Colin King, Crosswinds’ CEO, said, "This joint venture represents the consummation of a Crosswinds platform investment in the insurance industry. We are excited to be entering into this venture with high caliber partners, each of whom brings a tremendous amount of expertise to the table."
Monarch Insurance’s underwriting and claims administration will be managed by a wholly-owned subsidiary of FNHC.
Monarch Insurance has also entered into a Reinsurance Capacity Right of First Refusal Agreement with TransRe. Crosswinds, through its wholly-owned subsidiary, will provide investment management services to Monarch Insurance and its parent companies.
Federated National Holding Company is authorized to underwrite, and/or place through its wholly-owned subsidiaries, homeowners’ multi-peril, commercial general liability, federal flood, personal auto and various other lines of insurance in Florida and various other states.
Through its subsidiaries, FNHC markets and distributes its own and third-party insurers’ products and other related services through a network of independent agents. FNHC also utilizes a select number of general agents for the same purpose.