Federated National enters into cooperation agreement with Capital Returns
The Board of Directors of FedNat Holding Companyannounced that two insurance industry experts, David Michelson and David Patterson, have been selected as candidates to serve on the Board as new, independent directors. As soon as their appointments have satisfied insurance regulatory review, the Board will immediately expand to nine members and Michelson and Patterson will become directors. David Michelson is a 26-year veteran of publicly traded specialty property and casualty insurer National Interstate Corporation, where he served as President and CEO from 2008 until 2016. Most recently David Patterson served as President and Chairman of ESIS. FedNat also announced it has entered into a cooperation agreement with its third largest shareholder, Capital Returns Management, LLC. Today's appointments of Michelson and Patterson were made as part of the agreement, which also provides that Capital Returns will abide by certain customary standstill and voting provisions lasting approximately one year. In addition to the appointments of Messrs. Michelson and Patterson and the agreement with Capital Returns, the Company announced that the Company's 2019 annual meeting of shareholders will be held on October 17, 2019. The Company will deliver a proxy statement to shareholders containing information regarding the Board's nominees and other matters in advance of the 2019 Meeting.