HURRICANE MICHAEL PUSHES FEDNAT TO LOSS

US property/casualty group FedNat Holding swung to a fourth-quarter net loss of $9m owing to $23.0m in losses from hurricane Michael. Its adjusted loss per share came in at 43¢, missing analysts’ forecast of a 42¢ loss. The combined ratio deteriorated 13.1 points to 118.3%. Gross written premiums fell 5% to $128m, reflecting a drop in premiums in non-core lines the group is exiting. For the full year, net income jumped 87% to $15m.