SUNRISE, Fla., March 10, 2017 (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 $10 million of its outstanding shares of common stock through March 8, 2018. 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.

Mr. Michael H. Braun, the Company’s Chief Executive Officer and President, said, “I am pleased to announce that the Board has approved an additional share repurchase program. This action reflects both our commitment to returning capital to our shareholders and the Board’s confidence in our business plan.”

Share repurchases may be made by the Company from time to time in open market transactions at prevailing market prices or under one or more trading plans adopted to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company will carry out all such repurchase transactions in compliance with Rule 10b-18 under the Exchange Act.

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.