We are a vertically integrated insurance holding company, which, through
our subsidiaries, controls substantially all aspects of the insurance
underwriting, distribution and claims process. We underwrite personal automobile
insurance, general liability insurance, flood insurance, homeowners' insurance
and mobile home property and casualty insurance in Florida and Georgia through
our wholly owned subsidiaries, Federated National Insurance Company and American
Vehicle Insurance Company. American Vehicle was approved in August 2003 to be a
foreign insurer in the State of Georgia. During the year ended December 31,
2003, 67.5%, 23.0%, 2.4% and 7.1% of the policies we underwrote were for
personal automobile insurance, homeowners' property and casualty insurance,
mobile home property and casualty insurance and commercial general liability
insurance, respectively.  ... More..."http://secfilings.nasdaq.com/edgar_conv_html%2f2004%2f04%2f02%2f0001116502-04-000824.html#FIS_BUSINESS"