A Canadian merchant bank has agreed to form a new Florida-based property and casualty insurance carrier in co-operation with Federated National Holding Company (FNHC).
C.A. Bancorp Inc. (BKP) in cooperation with FNHC announced yesterday it will create the Monarch National Insurance Company.
“We are looking forward to partnering with FNHC and leveraging FNHC’s known expertise in the Florida P&C market,” says Colin King of BKP, “together with C.A. Bancorp’s investment management experience.”
In addition, Transatlantic Reinsurance Company (TransRe) is taking a minority position in the new venture.
“This is a great opportunity for us to partner with two quality organizations that see an opportunity in the Florida homeowners’ insurance market,” says Michael H. Braun, FNHC’s CEO and president. “We are proud that we will both have a significant ownership stake in Monarch and also provide managing general agent and claims administration services to the new venture.”
FNHC is authorized to underwrite and/or place through its wholly owned subsidiaries, homeowners’ multi-peril, commercial general liability, federal flood, personal auto and various other lines of insurance in Florida and various other states.
BKP is a publicly traded Canadian merchant bank and alternative asset manager with a primary focus on the insurance industry.
According to the joint press release, once Monarch is launched, both FNHC and C.A. Bancorp intend to seek out other potential opportunities to grow the Monarch platform, both within Florida and in other states.
