FedNat cancels Insure-Link auction; names NSI winning bidder

By Sarah Lizee

Olympia, Wash., Feb. 17 – FedNat Holding Co. canceled an auction set for Friday after receiving no qualified bids by the deadline, according to a notice filed with the U.S. Bankruptcy Court for the Southern District of Florida.

Insure-Link is the debtors’ agency business.

The company named NSI Insurance Group, LLC, the stalking horse bidder for the assets, the winning bidder. The purchase price under the agreement is $1.89 million.

A sale hearing will take place on Feb. 23.

The stalking horse deal includes a 3.5% breakup fee.

The insurance holding company, which is based in Sunrise, Fla., filed bankruptcy on Dec. 12. The Chapter 11 case number is 22-19451.

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