Amid all the challenges the Florida-focused property insurance company FedNat Holding Company has been facing, its latest is the resignation of its Chief Financial Officer (CFO).
In a filing, FedNat Holding Company announced that Ronald A. Jordan, the Company’s Chief Financial Officer, has handed in his resignation effective June 10th 2022.
An interim CFO was quickly installed a day after the resignation was received, the company explained.
Erick A. Fernandez, FedNat’s Chief Accounting Officer, will now serve as interim Chief Financial Officer effective June 10th 2022.
Fernandez, age 43, has been FedNat’s Chief Accounting Officer since April 2017, prior to which he served as FedNat’s interim Chief Financial Officer from June 2016 to April 2017.
As we reported earlier this week, under pressure U.S. primary insurance carrier group FedNat is aiming to reduce its scale and refocus its business on Florida, with a significant cancellation of Florida property insurance policies requested and potential sale and recapitalisation of its carrier Monarch as well, with new money set to come into the company.
This is all to help the company secure its necessary reinsurance for the 2022 hurricane season, as it seeks to downsize exposure, while recapitalising to win back its ratings and position the company more profitably on a go-forward basis.
FedNat details Florida downsizing plan, says Monarch to be acquired.
FedNat plans to become “much smaller”, shift to Florida-only: CEO.
FedNat has “substantial doubt” it can continue as a going concern.
FedNat to show ability to maintain acceptable rating, acquire sufficient reinsurance.
FedNat downgraded, posing another threat to Florida’s insurance ecosystem.
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