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Stock Market & Financial Investment News

News Breaks
August 14, 2014
18:01 EDTPIH1347 Property Insurance reports Q2 EPS 15c vs (52c)
Direct premiums written were $8,877 for the quarter ended June 30, representing a 273.0% increase over the $2,380 reported in the prior year period. In-force policy count at June 30 increased to 16,800 from 11,500 at December 31, 2013, a 46% increase. The company's combined ratio was 79.7% in Q214; compared with 190.1% in Q213.
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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