1347 PROPERTY INSURANCE HOLDINGS, INC. (NASDAQ:PIH) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On December 27, 2016, the Board of Directors (the Board) of 1347
Property Insurance Holdings, Inc. (the Company) appointed D. Kyle
Cerminara to the Board as a Class III director. The Board has not
made any determinations regarding committee assignments for Mr.
Cerminara at this time.
In addition, on December 27, 2016, Leo Christopher Saenger, III,
a Class II director, resigned from the Board and all committees
of the Board on which he served. Mr. Saengers resignation was not
because of a disagreement with the Company on any matters
relating to the Companys operations, policies or practices.
Since 2012, Mr. Cerminara has been CEO, Co-Founder Partner of
Fundamental Global Investors, an SEC registered investment
advisor that manages equity and fixed income hedge funds and
Co-Chief Investment Officer of CWA Asset Management Group, LLC
d/b/a Capital Wealth Advisors, a wealth advisor and multi-family
office. Mr. Cerminara also serves as Chairman and CEO of
Ballantyne Strong, Inc. (NYSE MKT: BTN), a provider of digital
technology services, products, and solutions; director of Relm
Wireless Corporation (NYSE MKT: RWC), a technology company that
designs, manufactures, and markets wireless communication
products; director of Iteris, Inc. (Nasdaq: ITI), a provider of
intelligent information solutions for traffic management;
director of Itasca Capital Ltd. (TSX-V: ICL); and a director of
blueharbor bank (OTC: BLHK), a community bank. Prior to
co-founding Fundamental Global Investors and partnering with
Capital Wealth Advisors, Mr. Cerminara was a Portfolio Manager at
Sigma Capital Management from 2011-2012. Mr. Cerminara was a
director and Sector Head of the Financials Industry at Highside
Capital Management from 2009-2011.
As a director of the Company, Mr.Cerminara will participate in
the Companys non-employee director compensation program. Under
the non-employee director compensation program, each non-employee
director will receive an annual cash fee of $50,000 (paid in four
equal quarterly installments).
There are no arrangements or understandings between Mr.Cerminara
and any other persons to which he was elected as a director.
There are no transactions between Mr.Cerminara and the Company
that would require disclosure under Item 404(a) of Regulation
Attached as Exhibit 99.1 is a copy of the press release relating
to the appointment of Mr.Cerminara to the Board and the
resignation of Mr. Saenger.
Item 9.01 Financial Statements and Exhibits.
|99.1||Press release dated December 30, 2016.|
About 1347 PROPERTY INSURANCE HOLDINGS, INC. (NASDAQ:PIH)
1347 Property Insurance Holdings, Inc. is a holding company. The Company, through its subsidiaries, is engaged providing property and casualty insurance. The Company offers homeowners’ insurance, manufactured home insurance and dwelling fire insurance. It writes both full peril property policies, as well as wind/hail only exposures and it distributes policies through independent insurance agents. Maison Managers, Inc. (MMI) serves as the Company’s management services subsidiary. Its other subsidiaries include Maison Insurance Company (Maison), a property and casualty insurance company, and ClaimCor, LLC (ClaimCor), a claims adjusting company. Its homeowners’ insurance policy is written on an owner occupied dwelling, which protects from all perils, except for those specifically excluded from coverage by the policy. Its wind/hail insurance policy is written on an owner or non-owner occupied dwelling, which protects from the perils of wind and/or hail-only weather events. 1347 PROPERTY INSURANCE HOLDINGS, INC. (NASDAQ:PIH) Recent Trading Information
1347 PROPERTY INSURANCE HOLDINGS, INC. (NASDAQ:PIH) closed its last trading session up +0.55 at 7.80 with 5,001 shares trading hands.