FedNat completed the acquisition of 1347 Property Insurance for $51m.

FedNat, an insurance holding company, completed its acquisition of 1347 Property Insurance, which through its subsidiaries, offers homeowners', manufactured home, flood, and fire insurance services, for c. $51m. “This acquisition represents a significant milestone in our long-term strategy to profitably expand FedNat’s core homeowners operations in the southeast United States. With the acquisition of Maison, we’ve grown our book of business in markets where we already operate and where we like the macro fundamentals, specifically Texas and Louisiana. Further, we will move quickly in integrating Maison to capture over $3 million in expected expense synergies from insourcing, which will be incremental to the $7 million of reinsurance synergies we’re already experiencing in this treaty year. We expect the transaction to be accretive to EPS and ROE beginning in 2020 and beyond. Finally, we’re excited to welcome Doug Raucy and Dean Stroud and their team to the FedNat family,” Michael H. Braun, FedNat Chief Executive Officer.