1347 Property Insurance Holdings, Inc. (Nasdaq: PIH) (the "Company") announced today that it has appointed current Board Member and Former Chairman Larry G. Swets Jr. as its Interim Chief Executive Officer, effective immediately.
The Company continues to pursue its strategy of building a diversified holding company of reinsurance and investment management businesses, with a focus on three key areas: insurance, asset management, and real estate. Mr. Swets will be responsible for leading Company throughout the formation, launch, and initial execution of these strategies. Subject to the approval of the Company’s stockholders at the Company’s 2020 Annual Meeting, the Company intends to change its name to "Fundamental Global Financial Corporation" ("FGFC") to align with its future business plans.
Kyle Cerminara, Chairman of the Company, stated, "We believe that Larry is the ideal person to lead the Company as we create the foundation for a financial holding company and are delighted he decided to expand his role as a Director. Larry has direct experience in leading an insurance business as it transitioned into other areas of opportunity, which is specifically what we are trying to accomplish at FGFC. At the Board level, we are working diligently to identify opportunities to maximize the return of our capital position for all shareholders. We believe it is important to have leadership in place immediately while we position the business to take advantage, and Larry has the skillset to execute on these plans."
Mr. Swets noted, "I am pleased to expand my role as a Director at the Company and to help guide initial asset allocation and management decisions, as well as explore future opportunities to maximize shareholders’ capital. The Company is in a strong financial position, and we expect to be thoughtful in our approach to how we utilize our balance sheet in the coming months and years ahead. We believe that there are excellent opportunities to deliver a high return on capital through strategic investments in the asset management and real estate markets, along with leveraging our collective insurance expertise to identify dislocations in reinsurance markets where we can immediately take advantage. I look forward to maintaining an active dialogue with our investors and team, while guiding the Company through these initial stages of its development."
Background on Mr. Swets
Mr. Swets has served as a member of the Company’s Board of Directors since November 21, 2013 and previously served as Chairman from March 2017 to May 2018. Prior to that, Mr. Swets served as Chief Executive Officer of Kingsway Financial Services, Inc. (NYSE: KFS) from 2010 to 2018, and was instrumental in the transition of Kingsway from a multi-line insurance company to a diversified holding business. In 2005, Mr. Swets founded Itasca Financial LLC, an advisory and investment firm specializing in the insurance industry. Prior to his work at Itasca Financial, Mr. Swets served as an insurance company executive and advisor, including the role of Director of Investments and Fixed Income Portfolio Manager for Lumbermens Mutual Casualty Company, formerly known as Kemper Insurance.
Mr. Swets obtained a bachelor’s degree from Valparaiso University and a Master’s degree in finance from DePaul University. He also holds the Chartered Financial Analyst designation.
About 1347 Property Insurance Holdings, Inc.
1347 Property Insurance Holdings, Inc. is proceeding with its business strategy to operate as a diversified insurance, reinsurance and investment management holding company. The Company plans to carry out its business through three primary avenues: insurance, asset management, and real estate. The Company will endeavor to make opportunistic and value-oriented investments in insurance, reinsurance and related businesses. The Company’s principal business operations are intended to be conducted through its subsidiaries and affiliates. The Company also plans to provide investment management services to affiliated and unaffiliated companies.
Additional information about 1347 Property Insurance Holding, Inc., including its Annual Report on Form 10-K for the fiscal year ended December 31, 2019, can be found at the website of the U.S. Securities and Exchange Commission ("SEC") at www.sec.gov, or at the Company’s corporate website: www.1347pih.com.
Forward Looking Statements
Certain statements made in this press release are not based on historical facts, but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as "anticipate," "believe," "continue," "can," "could," "estimate," "expect," "evaluate," "forecast," "guidance," "intend," "likely," "may," "might," "outlook," "plan," "potential," "predict," "probable," "project," "seek," "should," "view," or "will," or the negative thereof or other variations thereon or comparable terminology. These statements reflect the Company’s reasonable judgment with respect to future events and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include those discussed in the Company’s periodic reports on Form 10-K and 10-Q filed with the SEC. Any forward-looking statement speaks only as of the date of this press release and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise.
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The Equity Group Inc.
Jeremy Hellman, CFA
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