TAMPA, Fla.--(BUSINESS WIRE)--1347 Property Insurance Holdings, Inc. (NASDAQ:PIH) (“PIH” or “the Company”), a property and casualty insurance holding company offering insurance to individual and commercial customers in Louisiana and Texas through its wholly-owned subsidiary, Maison Insurance Company (“Maison”), today announced that the Company and its Board of Directors have commenced a strategic and financial review to evaluate various means of enhancing shareholder value.
This review will include, among other things, a thorough evaluation of the Company's current operating plan and assessing potential new states or geographies in which PIH can grow while generating appropriate returns on equity with controlled risk. The Board of Directors and management will also examine value-enhancing initiatives such as continuing and expanding the Company’s share-repurchase program, sale of certain assets of the Company, or some other business combination.
Gordon G. Pratt, Chairman of the Company, stated, “Over the past year, PIH has achieved steady growth in its core coastal market in Louisiana and has continued to increase its policies-in-force in Texas. Nevertheless, from time to time, and sometimes for many months, our stock has traded at a discount to our book value. At the same time, recent events in coastal- and wind-exposed property markets, combined with actions by competitors in these markets, make this an appropriate time for our Board and management to accelerate our on-going strategic and financial review of our business.”
There can be no assurance that this strategic and financial review will result in any specific action or outcome. The Company does not intend to comment further regarding such review but does expect to provide an update to shareholders before the end of the fiscal year.
About 1347 Property Insurance Holdings, Inc.
1347 Property Insurance Holdings, Inc. is a 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. The Company’s insurance offerings for personal and commercial customers currently include homeowners, wind and hail only, manufactured home and dwelling fire policies.
Forward Looking Statements
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. Words such as "expects", "believes", "anticipates", "intends", "estimates", "seeks" and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect Company management's current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward looking statements, please refer to the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2015. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward looking statements whether as a result of new information, future events or otherwise.