SUNRISE, Fla., Nov. 29, 2016 (GLOBE NEWSWIRE) -- Federated National Holding Company (NASDAQ:FNHC), an insurance holding company, announced today that its Board of Directors authorized an additional share repurchase program under which the Company may repurchase up to an additional $10 million of its outstanding shares of common stock through March 1, 2017. The Company may repurchase shares in open market transactions or under Rule 10b5-1 trading plans from time to time in its discretion, based on ongoing assessments of the Company’s capital needs, the market price of its common stock and general market conditions. The Company will fund the share repurchase program with cash from operations.

About the Company

The Company is authorized to underwrite, and/or place through our wholly owned subsidiaries, homeowners’ multi-peril (“homeowners”), commercial general liability, federal flood, personal auto and various other lines of insurance in Florida and various other states. The Company also serves as managing general agent for its joint venture, Monarch National Insurance Company. The Company markets and distributes its own and third-party insurers’ products and our other services through a network of independent agents. The Company also utilizes a select number of general agents for the same purpose.