1347 PROPERTY INSURANCE IS CHANGING NAME AND FORMING REINSURER

Former coastal property/casualty group 1347 Property Insurance Holdings is changing its name to Fundamental Global Financial Corp and is in the process of forming Fundamental Global Reinsurance as a new Cayman Islands-based reinsurance subsidiary. The new operating unit will provide specialty property/casualty reinsurance under a Class iii insurer licence. The company adopted the new business plan after having sold its Mason Insurance, Maison Managers and ClaimsCor businesses to Florida-based property/casualty group FedNat last year for $51.0m. The group announced the changes as it posted a $1.1m net loss for 2019 versus a year-earlier loss of $0.3m. It ended the year with $28.5m in cash and cash equivalents.