Catastrophe losses cost FedNat $48.3 million. | By NOAA/Wikimedia Commons
FedNat Holding Co. plans to announce its second quarter financial results Aug. 5 after 4 p.m., followed by an investor conference call on Aug. 6 at 9 a.m.
The call will be available in a live webcast on the FedNat website in its investor relations section, the FedNat website reported.
The company reported in its July 17 Form 8-K with the Securities and Exchange Commission that catastrophe losses during the second quarter of 2020 will cut its pre-tax income by $48.3 million including reinsurance. Weather events in Florida, Texas and Louisiana caused the losses. Tropical Storm Cristobal and a Florida Panhandle wildfire were among the 14 property claims services (PCS) events.
The net losses per state were: $21.5 million, Florida; $14.8 million, Texas; $11.3 million, Louisiana, and; $700,000, other customers.
FedNat has filed for rate increase to cover increased costs of claims and reinsurance. The FedNat Insurance Co. got approval for rate increases, including a 7.4% statewide average for homeowners policies as of June 15. The carrier filed for a 5.6% increase to deal with the cost of catastrophe insurance in Florida.
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