BATON ROUGE, La. - FedNat Holding Company, the fourth largest homeowners insurance company in Louisiana, said it will stop renewing policies in January because of the hurricane related losses it experienced over the past 15 months.
FedNat said it is focusing on the Florida market and leaving Louisiana and Texas, said Michael H. Braun, the company’s chief executive officer. “The impact of these significant catastrophe weather events has put a strain on FedNat’s capital position and further action is now appropriate,” Braun said in a statement. “We are therefore exiting the non-Florida markets and refocusing on the improving Florida homeowners market.”
FedNat has $81.3 billion in premiums between its FedNat Insurance Company and Maison Insurance businesses, according to figures from the Louisiana Department of Insurance.