SUNRISE, Fla., Dec. 06, 2018 (GLOBE NEWSWIRE) -- FedNat Holding Company (NASDAQ: FNHC), an insurance holding company, today announced that its Board of Directors authorized a share repurchase program to replace its expiring program, under which the Company may repurchase up to $10 million of its outstanding shares of common stock through December 31, 2019. 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.
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 and other applicable laws, rules and regulations.
The Company also announced today that, effective with the next quarterly dividend, the Company is shortening the time between the dividend declaration and record dates relative to the corresponding payment date to approximately 30 days between declaration date and payment date (subject to adjustment for weekends and holidays). The payment dates are expected to remain on the same schedule as in prior years.
About the Company
The Company is an insurance holding company that controls substantially all aspects of the insurance underwriting, distribution and claims processes through our subsidiaries and contractual relationships with independent agents and general agents. The Company, through our wholly owned subsidiaries, are authorized to underwrite, and/or place homeowners multi-peril, federal flood and other lines of insurance in Florida and other states. We market, distribute and service our own and third-party insurers’ products and other services through a network of independent and general agents.
