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Mergers & Acquisitions

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Deal Overview

Buyer:
FedNat Holding Company
Actual Acquirer:
FedNat Holding Company
Target:
Homeowners Insurance Operations
Deal Type:
Insurance Company
Insurance Sector
Property & Casualty
Agreement Date:
2/25/2019
Announcement Date:
2/25/2019
Announced Deal Value ($ M):
51.00
Announced Deal Value, As Reported ($ M)
51.00
Status:
Pending
Announced Deal Value Per Share ($ )
NA
Completion Date:
NA

Consideration Breakout
Cash ($M) 25.5
Common Stock ($M) 25.5
Common Stock Issued 1,350,000

Deal Pricing Ratios

Announcement Completion
Price / Earnings (x) 37.5 NA
Price / Book (%) 115.4 NA
Price / Statutory Net Income (x) NA NA
Price / Earnings (x) NM NA
Price / Capital & Surplus (%) 16.6 NA
Price / Operating Income (x) 143.1 NA
Price / Net Premiums Written (x) 0.83 NA
Deal Terms
Description of Consideration

FedNat Holding Co. will pay approximately $25.47 million in cash and $25.53 million in common stock to acquire homeowners insurance operations from 1347 Property Insurance Holdings Inc. The operations are for Maison Insurance Co., Maison Managers Inc, and ClaimCor LLC, together known as Maison.

Percent Acquired (%) NA
Accounting Method Acquisition
Merger of Equals? No
Estimated Cost Savings (%) 25.00
Estimated Cost Savings ($ 000) 5,000
Est. Restructuring Charges ($ 000) 3,400
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Raymond James & Assoc. Inc.
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Nelson Mullins Riley
Seller Yes Thompson Hine LLP