FedNat CEO Braun Steps Down As Patterson Takes Reins
FedNat CEO Braun Steps Down As Patterson Takes Reins
The FedNat Holding Company, a primary insurer with offices in Florida, has announced that Michael Braun, its CEO, has resigned with effect from July 24.
David Patterson, a board member, has been appointed as acting CEO while the business looks for a permanent replacement.
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Braun’s retirement comes after a difficult time for FedNat, during which significant disaster losses in Q1 and a ratings downgrade by Demotech raised concerns about the company’s viability.
In order to avoid a reinsurance crunch during the mid-year renewal period, the insurer attempted to transfer and cancel a significant number of policies. At the same time, Chief Financial Officer (CFO) Ronald Jordan opted to resign.
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Since joining the FedNat Board in 2019, Patterson has brought more than 40 years of operational and senior leadership experience in the petroleum industry. He has volunteered to serve as the company’s temporary leader.
property and casualty insurance industry.
FedNat CEO Braun Steps Down As Patterson Takes Reins
Most recently he was Chairman and President of ESIS, the risk management services subsidiary of Ace Limited (now Chubb Limited), which he joined in 2004 and for which he served as President and Chairman from 2005 to 2015.
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Prior to joining ESIS, Patterson was the President and CEO of Kemper National Services, a claims service organization serving the property and casualty insurance operations of Kemper National, from 1994 to 2003.
While at Kemper, he served in a variety of regional and home office senior leadership roles in claims, systems and operations.
FedNat disclosed that Patterson will recieve a monthly fee of $50,000 for his service, while Braun will be sent off with $1.2 million, consisting of one lump sum of $800,000 and six monthly payments thereafter, together totally the remaining $400,000.
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The company recently inked a deal with SureChoice Underwriters Reciprocal Exchange (SURE), a carrier partner of insurtech company SageSure, to assume more than 14,000 South Carolina homeowners policies from FedNat Insurance Company.
And this followed the completion of a £15m investment in Monarch as the Florida Office of Insurance regulation authorised the assumption of 78,000 policies between the two firms.
FedNat CEO Braun Steps Down As Patterson Takes Reins
Pending approval of Florida’s Office of Insurance Regulation, David Lockhart has been named as President, Chief Financial Officer and Treasurer of Monarch, which is owned 60% by a group of investors managed by Hale Partnership Capital Management LLC and 40% by FedNat.
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Lockhart brings more than 15 years of insurance experience, having most recently served as Chief Financial Officer and Director of Security First Insurance, a Florida-domiciled personal lines carrier.
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, Michael Braun, has resigned from his position, effective July 24th.Board member David Patterson has been named as interim CEO while the company seeks to find a permanent replacement.){kind=link}