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Stock Market & Financial Investment News

News Breaks
June 20, 2014
17:19 EDTPIHLegion Partners reports 7.2% stake in 1347 Property Insurance
Legion believes the shares, which currently trade at only a small premium to tangible book value, are meaningfully undervalued versus the company’s self-defined peers. Given this undervaluation and the significant opportunities Legion believes are available to the company to meaningfully expand its business given the capital which the company has successfully raised, Legion, in their capacity as stockholders of the company, plan to work proactively, where possible, to help it accelerate its business expansion.
News For PIH From The Last 14 Days
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February 24, 2015
09:18 EDTPIH1347 Property Insurance announces buyout of Kingsway Financial agreement
1347 Property Insurance Holdings (PIH) announced that it has entered into a definitive agreement with 1347 Advisors, a subsidiary of Kingsway Financial Services (KFS), to terminate the management services agreement that was put in place between the parties prior to the initial public offering of PIH under which Advisors provided certain services to PIH, including forecasting, analysis of capital structure and reinsurance programs, consultation regarding restructuring or capital raising transactions, and consultation in corporate development initiatives. Pursuant to the transaction, which closed today, Advisors will receive the following consideration: $2M in cash; $3M of 8% preferred stock of PIH, redeemable in five years; a performance share grant agreement with PIH, whereby Advisors will be entitled to receive 100,000 shares of PIH common stock if at any time the last sales price of PIH’s common stock equals or exceeds $10 per share for any 20 trading days within any 30-trading day period; and warrants to purchase 1,500,000 shares of common stock of PIH with a strike price of $15, expiring in seven years.

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