21st Century Holding Co. Sub, Federated National Insurance Co., Approved for Policy Take Out in Florida

21st Century Holding Company, a vertically integrated financial services holding company, announced that one of its subsidiaries, Federated National Insurance Company, has been granted approval by the Florida Office of Insurance Regulation to take out 31,000 homeowners insurance policies from Citizens Property Insurance Corporation.

Richard Widdicombe, CEO, said, “With this approval, Federated National will add roughly $60 million in annualized premium to its homeowners’ program. We expect that approximately $30 million of the premium will be assumed in April, with the balance coming on within the following six months. These policies were selected without deviating from our strict underwriting guidelines.

“Federated National will also benefit from a $9 million take out bonus that will remain in an escrow account drawing interest until 2007, at which time it will become income to the company. This approval allows us to expand a product line which has been consistently profitable, helps Citizens depopulate their program, and benefits Florida homeowners, who will have a new alternative in the property insurance market.”

The company, through its subsidiaries, underwrites standard and non-standard personal automobile insurance, flood insurance, general liability insurance, mobile home insurance and homeowners’ property and casualty insurance in the State of Florida. The company underwrites general liability in the state of Georgia as a surplus lines carrier. In addition, the company has underwriting authority and process’ claims for third party insurance companies.

In addition to insurance services, the company offers premium finance services to its insureds as well as insureds of third party insurance companies.

Latest Comments

• November 4, 2010 at 9:22 am

  D J says:

  All I wanted from Federated was a Recap of my Vehicle Activity. Date, how the monies were applied to each Vehicle, the date when each Vehicle on the Policy became affected, th... read more
• October 15, 2009 at 12:45 pm

  Harley St. Peters says:

  Thanks to the kind folks who, despite their woes with Federated National Insurance, shared their information with us. 10 minutes ago, an agent from my insurance company left a... read more
• April 29, 2008 at 3:25 am

  Christy says:

  I'm looking to sue Federated. Four years after Charley and we still cannot get on with our lives. Any takers out there?