FedNat Announces Completion of $15 Million Investment in Monarch National Insurance Company by Funds Managed by Hale Partnership and Monarch’s Assumption of Majority of FedNat Insurance Company’s Florida Policies

SUNRISE, Fla., July 06, 2022 (GLOBE NEWSWIRE) -- FedNat Holding Company (Nasdaq:FNHC) (FedNat) announced today that the Florida Office of Insurance Regulation (OIR) has authorized the assumption of approximately 78,000 policies effective June 1, 2022 by Monarch National Insurance Company (Monarch), from a FedNat subsidiary, FedNat Insurance Company (FNIC), resulting in Monarch’s policy count totaling approximately 83,000 policies. This assumption occurred simultaneously with the closing of the previously announced $15,000,000 investment in Monarch by funds managed by Hale Partnership Capital Management LLC (Hale Group). With the closing of the transaction, the Hale Group is now majority owner of Monarch, with FedNat holding a minority interest and maintaining representation on Monarch’s board.