The FedNat news comes the same week Florida legislators kicked off a special session to address the state's turbulent property insurance market. Proposals being considered would take steps to reduce litigation costs, move policies out of the state-backed Citizens Property Insurance Corp., offer additional reinsurance to insurers and try to speed up claims. (Credit: Maxim_Kazmin/Adobe Stock) The FedNat news comes the same week Florida legislators kicked off a special session to address the state's turbulent property insurance market. Proposals being considered would take steps to reduce litigation costs, move policies out of the state-backed Citizens Property Insurance Corp., offer additional reinsurance to insurers and try to speed up claims. (Credit: Maxim_Kazmin/Adobe Stock)

FedNat Holding Co., a regional insurance holding company, along with several of its wholly owned subsidiaries have voluntarily entered Chapter 11 in the United States Bankruptcy Court for the Southern District of Florida. The subsidiaries included in the filing are FedNat Underwriters, Inc., ClaimCor, LLC, Century Risk Insurance Services, Inc., and Insure-Link, Inc., according to company filings with the Securities and Exchange Commission.

The company reported it is considering whether to reorganize the business or sell off its assets. As it stands, the company has approximately $6.5 million in cash on hand, which it reported will be enough to maintain day-to-day operations, including "timely payment of employee wages and benefits and continued servicing of customers," while the bankruptcy process plays out.

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]

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