1347 Property Insurance Holdings, Inc. Finalizes a Strategic Alliance Agreement with Brotherhood Mutual Insurance Company
Marks Entrance into the Texas Market by Assuming Wind / Hail Only Policies through Strategic Partnership
1347 Property Insurance Holdings, Inc. (NASDAQ:PIH) (the “Company” or “PIH”), an insurance holding company that focuses on offering property and casualty insurance to individuals, currently writing business in Louisiana through its wholly-owned subsidiary, Maison Insurance Company (“Maison”), today announced it has finalized an alliance agreement with Brotherhood Mutual Insurance Company (“Brotherhood Mutual”), a nearly 100-year-old property-casualty insurer serving more than 50,000 churches and related ministries in 43 states and the District of Columbia.
Under this partnership, Maison will write supplemental wind and hail policies in alliance with Brotherhood Mutual’s commercial multi-peril policy platform for policyholders located in Texas. Effective June 2015, Maison began covering risks associated with select policy renewals in collaboration with Brotherhood Mutual. Wind and hail underwriting inspections and claims associated with these risks will be handled by Maison.
Doug Raucy, Chief Executive Officer, stated, “We are honored to partner with Brotherhood Mutual as part of our expansion into Texas. Brotherhood Mutual has a proven track record of success from its long history and large policy base, and we believe this partnership will allow PIH to leverage that success and distribution to help both companies grow. This is a great growth opportunity for a nimble company like PIH, as it supports our expansion into Texas and allows us to ramp up coverage quickly and effectively. We look forward to working with Brotherhood Mutual in Texas as well as other locations. We believe strategic partnerships similar to our alignment with Brotherhood Mutual fuel growth, and we will continue to seek and review these opportunities as they arise.”
Mark Robison, Chairman and President of Brotherhood Mutual, says his company is very pleased to be working with Maison to provide supplemental wind and hail coverage for their customers in Texas.
“Our goal is always to deliver the best products and services to the churches and ministries we serve,” Mr. Robison stated. “In Maison, we are confident we have an insurance partner that demonstrates the same spirit of service. We believe this strategic partnership will help us meet a distinct customer need and strengthen the line of property-casualty coverages we offer exclusively to churches and ministries. This alliance definitely reflects Brotherhood Mutual’s ongoing commitment to serve the Church.”
About Brotherhood Mutual Insurance Company
Brotherhood Mutual is one of the nation’s foremost church insurers and a leading provider of insurance programs that protect the unique activities of today’s ministries. The company offers property-casualty insurance to more than 50,000 churches and ministries, including a third of the nation’s largest churches. Brotherhood Mutual was founded in 1917.
About 1347 Property Insurance Holdings, Inc.
1347 Property Insurance Holdings, Inc. is a property and casualty insurance holding company incorporated in Delaware. In December 2012, the Company began providing property and casualty insurance to individuals in Louisiana through its wholly-owned subsidiary Maison Insurance Company. The Company’s insurance offerings currently include homeowners’ insurance, manufactured home insurance and dwelling fire insurance.
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, 2014. 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.
Additional information about 1347 Property Insurance Holding, Inc., including its Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, can be found at the U.S. Securities and Exchange Commission's website at www.sec.gov, or at the Company’s corporate website: www.1347pih.com.
1347 Property Insurance Holdings, Inc.
Douglas N. Raucy, 813-579-6210
Chief Executive Officer
The Equity Group Inc.
Terry Downs, 212-836-9615