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FedNat Holding estimates impact of cat losses on Q3 pretax income

FedNat Holding Co. estimates that catastrophe losses incurred during the third quarter will reduce its quarterly pretax income by $7.0 million as of Oct. 15.

Gross catastrophe losses in the quarter stood at $11.0 million, including $8.0 million from the company's non-Florida property business. Losses stemmed from Hurricane Dorian, Hurricane Barry and Tropical Storm Imelda, which impacted South Carolina, Florida, Louisiana and Texas.

The non-Florida losses are subject to a 50% profit-sharing agreement with the nonaffiliated managing general underwriter that writes FedNat Insurance Co.'s non-Florida property business.

The catastrophe reinsurance protection of FedNat Holding covers each event only if covered losses top $20 million for FedNat Insurance's Florida and non-Florida business, while the retention amount is $2 million for Monarch National Insurance Co.'s business. FedNat Holding does not expect any of the individual events during the quarter to reach the retention levels.