SUNRISE, Fla., Dec. 19, 2017 (GLOBE NEWSWIRE) -- Federated National Holding Company (NASDAQ:FNHC), an insurance holding company, announced today that its Board of Directors has authorized an additional share repurchase program under which the Company may repurchase up to $10 million of its outstanding shares of common stock through December 31, 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. Together with the $2 million remaining balance from our previous stock repurchase authorization, the Company has available to it an aggregate of $12 million for future repurchases of our common stock that has been authorized. The Company expects to fund the share repurchase programs from existing holding company liquidity or the proceeds of its announced private placement of notes.

About the Company

The Company is authorized to underwrite, and/or place through its wholly owned subsidiaries, homeowners’ multi-peril, personal automobile, commercial general liability, federal flood, 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.