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FedNat secures regulatory approvals for deal with 1347 Property

The Florida Office of Insurance Regulation and the Louisiana Department of Insurance approved FedNat Holding Co.'s pending acquisition of 1347 Property Insurance Holdings Inc.'s homeowners operations.

The deal is anticipated to close as soon as possible after Nov. 30, subject to the satisfaction of all closing conditions. The homeowners operations consist of Maison Insurance Co., Maison Managers Inc. and ClaimCor LLC.

FedNat also bought additional protection in its 2019 to 2020 excess of loss reinsurance program, decreasing the second and third event retention for FedNat Insurance Co. and Monarch National Insurance Co., on a combined basis, to $10 million from $22 million per event. The cost of the underlying layer was about $3.0 million.