Federated National Holding Co., a Florida-based property/casualty insurer, announced that it has priced an underwritten public offering of 2,051,283 shares of its common stock at a price to the public of $19.50 per share for gross proceeds of $40.0 million.

The company said the net proceeds from the sale of shares, after deducting the underwriters’ discounts and other expenses, will be approximately $37.4 million.

The company said it has also granted the underwriters a 30-day option to purchase up to an additional 307,692 shares of common stock offered in the public offering to cover over-allotments, if any.

The company said it will use the net proceeds from the sale for general working capital purposes, including as statutory capital in support of the company’s growth and to sustain its capital levels after its investment in a new Florida homeowners insurance company, Monarch, that it is for.

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