FedNat to exit non-Florida states after $24mn Q3 loss
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FedNat to exit non-Florida states after $24mn Q3 loss

Liz Bury
November 09, 2021
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FedNat Insurance logo Fort Lauderdale Florida.jpg

FedNat fell to a $24.8mn net loss for Q3, worse than last year's $20.7mn loss, despite a lower catastrophe loss burden, as it announced it was exiting non-Florida business.

The steeper loss reflected lower levels of premium income outweighing the decline in claims, as the struggling carrier has been cutting back business and relying more heavily on quota share reinsurance.

Gulf

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