1347 Property Insurance Holdings Rethinking Growth Strategy

1347 Property Insurance Holdings (PIH), a property/casualty insurance holding company offering insurance to individual and commercial customers in Louisiana and Texas through its subsidiary, Maison Insurance Co. , is conducting a strategic and financial review to evaluate various means of enhancing shareholder value.

The company said the review will include, among other things, an evaluation of its current operating plan and potential new states or geographies in which PIH can grow while generating appropriate returns on equity with controlled risk. It will also examine continuing and expanding the company’s share-repurchase program, sale of certain assets, or some other business combination.

In the PIH announcement, Chairman Gordon G. Pratt 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.”

The company said there is no guarantee this review will result in any specific action or outcome.

Source: 1347 Property Insurance Holdings Inc.

Related:

• 1347 Property Insurance Holdings Approved to Write in Texas
• Home Insurer 1347 PIH Ends Kingsway Contract, Eyes Expansion
• 1347 Property Insurance Holdings Expects Losses from Louisiana Storms
• Louisiana Property Insurer Announces Public Offering

Topics Property