Investment Banking - 1347 Property Insurance Holdings, Inc.

Transactions | Insurance

Client: 1347 Property Insurance Holdings, Inc.
Industry: Insurance
Transaction Type: Preferred Stock
Role: Sole Book-Runner

  • 1347 Property Insurance Holdings, Inc. (“PIH”) is a specialized property and casualty insurance holding company incorporated in Delaware. The Company provides property and casualty insurance in Louisiana and Texas through its wholly-owned subsidiary Maison Insurance Company (“Maison”).  Maison was recently licensed in the State of Florida and began covering risks in the state via the assumption of policies from Florida Citizens Property Insurance Corporation in December, 2017. The Company’s insurance offerings currently include homeowners, wind and hail only, manufactured home and dwelling fire policies.
  • PIH had total equity of $45.6 million and generated $35.1 million in revenue for the last twelve months ended September 30, 2017.
  • PIH issued 700,000 shares of 8.00% Cumulative Preferred Stock, Series A at a price of $25.00 per share for gross proceeds of $17.5 million.
  • 1347 Property Insurance Holdings intends to use the net proceeds of the offering to support organic growth, including spending for business development, sales and marketing, working capital, future potential acquisition opportunities, and to repurchase its Series B Preferred Stock from IWS Acquisition Corporation, an affiliate of Kingsway Financial Services, Inc.
  • Boenning served as Sole Book Running Manager in connection with the offering