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FedNat enters cooperation agreement with activist shareholder Capital Returns

FedNat Holding Co. has entered into a cooperation agreement with shareholder Capital Returns Management LLC under which the activist investor agreed to standstill and voting provisions that will last for about a year.

Additionally, as part of the agreement, David Michelson and David Patterson were appointed as candidates to join FedNat's board as independent directors. Following a regulatory review of the appointments, the size of the insurer's board will increase to nine.

Michelson is also a member of Protective Insurance Corp.'s board. Patterson most recently was president and chairman of Chubb Ltd.'s risk management services subsidiary, ESIS Inc.

Last month, Capital Returns filed a lawsuit against FedNat and demanded that the company call an annual shareholder meeting. The investor beneficially owns 6.5% of FedNat's common shares, according to a regulatory filing.