Crosswinds Holdings Inc. Announces Approval of Monarch Rate Decrease
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 04/14/16 -- Monarch National Insurance Company ("Monarch"), in which Crosswinds Holdings Inc. (the "Company") (TSX: CWI) has an indirect equity interest, has been notified by the Florida Office of Insurance Regulation that it has approved Monarch's requested rate decrease for its homeowners' insurance program within the State of Florida.
The rate decrease, which is effective April 15, 2016, will result in an average premium decrease of approximately 11.9% statewide for new and renewal business. The Company, based on discussions with Federated National Holding Company, the joint venture partner with whom it formed Monarch, believes that this rate decrease will make Monarch more competitive in the Florida homeowners' market. It is not possible at this time however, to assess the impact of this rate decrease on the Company's results of operations.
Crosswinds Holdings Inc.
Crosswinds is a publicly traded private equity firm and asset manager targeting strategic and opportunistic investments in the financial services sector with a particular focus on the insurance industry.
Caution Regarding Forward-Looking Information
This release includes certain forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans" or "continue" or the negative thereof or variations thereon or similar terminology. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These forward-looking statements are subject to a number of risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements. Reference should be made to the risk factors in the Company's most recent Annual Information Form, Management's Discussion and Analysis and in our other filings with Canadian securities regulators. Additional important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, ability of the Company to execute its strategies from time to time.
Contacts:
Crosswinds Holdings Inc.
Colin King
1-800-439-5136
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Datum: 14.04.2016 - 12:00 Uhr
Sprache: Deutsch
News-ID 463987
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TORONTO, ONTARIO
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Commercial & Investment Banking
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