FedNat Holding Company (FNHC) Stock Surged 7.60% Pre-Market, Here’s Why        

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FedNat Holding Company (FNHC) stock surged 7.60% in the pre-market trading session at the price of $1.95 despite no fundamental reason. The last published news was its financial results for the three and nine months ended on 30th September 2021.

FNHC is a local insurance holding enterprise. It manages all insurance distribution, underwriting, and claims processes through the subsidiaries and contractual relations with individual and general agents.  

FNHC Third Quarter 2021 Financial Results 

On 8th November 2021, FNHC published its financial results for the three and nine months ended on 30th September 2021 and presented corporate updates. The company has also published its intention to exit non-Florida markets and refocus its operations on the Florida-based market. 

FNHC Financial Highlights 

FNHC reported total revenue of $66.7 million for the three months ended 30th September 2021. It represents a decline of 31.4%, or $30.6 million, from $97.3 million for the same three months ended 30th September 2020. For the third quarter of 2021, the company reported a net loss of $24.8 million, or per diluted share of $(1.42). Net loss was $20.7 million, or per diluted share of $(1.51), for the three months ended 30th September 2020.       

For the third quarter of 2021, FNHC reported a loss before income taxes of $24.8 million. It represents a drop of 26.1% from $33.5 million for the same three months ended 30th September 2020. The company reported an adjusted operating loss of $26.0 million, or per diluted share of $(1.49), for the third quarter of 2021. Adjusted operating loss was $21.5 million, or per diluted share of $(1.57), for the third quarter of 2020. On 30th September 2021, the company reported liquidity of roughly $60 million. 

Loss adjustment expenses declined 39.8%, or $39.4 million, to $59.6 million for the third quarter of 2021. Loss adjustment expenses were $99.0 million for three months ended 30th September 2020. For the three months ended 30th September 2021, gross premiums earned dropped 2.8%, or $5.1 million, to $178.4 million. Gross premiums written reduced 12.8%, or $23.2 million, to $157.0 million in the third quarter of 2021. 

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