FedNat Holding Company has announced a new Chief Executive Officer, as Board member David Patterson takes on the role on an interim basis, as incumbent Michael Braun resigned from the position and his Board seat.
The move comes just after FedNat announced a $15 million investment into its Monarch National Insurance Company subsidiary by investor Steve Hale’s company Hale Partnership, as well as the securing of catastrophe reinsurance by that carrier.
After that, we also reported that FedNat had arranged reinsurance to support its remaining Texas policies that were written by its Maison Insurance Company subsidiary.
Now, it’s all change at the top of the company as well, with Michael Braun departing and signing an agreement to provide limited consulting services through to the end of this year, in return for full compensation.
Braun’s replacement has a strong track-record in insurance.
Patterson first joined the FedNat Board in August 2019 as a Board observer and was elected to the Board at the 2019 Annual Meeting.
He has over 40 years of operational and executive leadership experience in the property and casualty insurance industry, most recently gained as Chairman and President of ESIS, Inc., a risk management services subsidiary of Ace Limited (now Chubb Limited).
Patterson joined ESIS in 2004 and served as President and Chairman from 2005 to 2015.
Before that, Patterson was President and Chief Executive Officer of Kemper National Services, Inc., a claims service organization serving the property and casualty insurance operations of Kemper National, from 1994 to 2003.
Patterson will be CEO and Board director for FedNat’s subsidiary insurers, FedNat Insurance Company and Maison Insurance Company, on receipt of regulatory approvals.
In addition, David Lockhart, most recently CFO of Security First Insurance, is set to become President, Chief Financial Officer and Treasurer of Monarch National Insurance Company, on receipt of approvals.