1347 Property Insurance to conduct strategic review
1347 Property Insurance Holdings announced that the company and its Board of Directors have commenced a strategic and financial review to evaluate various means of enhancing shareholder value. This review will include, among other things, a thorough evaluation of the company's current operating plan and assessing potential new states or geographies in which PIH can grow while generating appropriate returns on equity with controlled risk. The Board of Directors and management will also examine value-enhancing initiatives such as continuing and expanding the company's share-repurchase program, sale of certain assets of the company, or some other business combination. Gordon G. Pratt, Chairman of the company, stated, "Over the past year, PIH has achieved steady growth in its core coastal market in Louisiana and has continued to increase its policies-in-force in Texas. Nevertheless, from time to time, and sometimes for many months, our stock has traded at a discount to our book value. At the same time, recent events in coastal- and wind-exposed property markets, combined with actions by competitors in these markets, make this an appropriate time for our Board and management to accelerate our on-going strategic and financial review of our business." There can be no assurance that this strategic and financial review will result in any specific action or outcome. The company does not intend to comment further regarding such review but does expect to provide an update to shareholders before the end of the fiscal year.