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Heritage Insurance Holdings Inc. (NYSE: HRTG), headquartered in Clearwater, Florida, is a super-regional property and casualty insurance holding company. Through its subsidiaries, Heritage Property & Casualty Insurance Company, Zephyr Insurance Company, and Narragansett Bay Insurance Company, Heritage writes approximately $1.4 billion of gross personal and commercial residential premiums. The company operates in multiple states including Florida, Hawaii, North Carolina, and South Carolina, providing a robust network of experienced agents to deliver top-tier insurance products.
Heritage Insurance is committed to underwriting excellence, customer service, actuarial analysis, distribution, and claims processing. With a market capitalization of approximately $460 million, the company stands as one of the largest and most well-capitalized insurance companies based in Florida.
Recently, Heritage has been strategically focused on achieving rate adequacy and driving superior underwriting results. This has led to a more diversified book of business, improved management of reinsurance costs, and lower claims-related losses. The company's solid balance sheet is further strengthened by its recent public offering of common stock, raising approximately $25 million to support growth and expansion efforts.
The company actively manages its capital structure, as evidenced by its recent $10 million share repurchase plan. Furthermore, Heritage consistently invests in upgraded systems to enhance business management and customer service. Financial results for the first quarter of 2024 indicate positive momentum, with increased average premiums and effective exposure management.
Heritage's forward-looking strategy includes maintaining strong relationships with reinsurance partners, implementing selective underwriting, and ensuring meticulous claims handling. These initiatives aim to drive long-term profitability and shareholder value.
In the news, Heritage announced the successful placement of its 2024-2025 catastrophe excess-of-loss reinsurance program, reinforcing its commitment to providing extensive coverage for the markets it serves. The company also reported notable financial results for Q1 2024, highlighting ongoing strategic achievements and operational improvements.
Heritage Insurance Holdings (NYSE: HRTG) announced a new $10.0 million share repurchase program starting December 31, 2024, following the expiration of its prior $10.0 million repurchase plan. The new program will run through December 31, 2025, allowing the company to repurchase shares through open market purchases and privately negotiated transactions.
Share purchases will be determined by trading windows, liquidity, market conditions, and other factors including legal requirements and debt covenant restrictions. Heritage, a super-regional property and casualty insurance holding company, currently writes approximately $1.4 billion of gross personal and commercial residential premium across multiple states.
Heritage Insurance Holdings (NYSE: HRTG) reported strong Q3 2024 results with net income of $8.2 million ($0.27 per share), improving from a net loss of $7.4 million in Q3 2023. The company achieved gross premiums earned of $354.2 million (up 5.1%) and net premiums earned of $198.8 million (up 12.6%). The net combined ratio improved to 100.6%, down 10.2 points year-over-year. Despite retaining $48.0 million in hurricane losses, Heritage maintained profitability and demonstrated successful execution of strategic initiatives focused on rate adequacy and portfolio improvement. The company's book value per share increased to $9.10, up 61.1% from Q3 2023.
Heritage Insurance Holdings (NYSE: HRTG) announced estimated losses for Hurricanes Debby, Helene, and Milton. The company expects to incur $48 million in net catastrophe losses for Q3 2024 from Hurricanes Debbie and Helene, and $57 million for Q4 2024 from Hurricane Milton. Despite these impacts, Heritage anticipates positive net income for Q3 2024.
CEO Ernie Garateix highlighted the company's strong financial position, backed by a $1.30 billion reinsurance tower. Gross losses from Hurricane Milton may reach the third layer of their reinsurance, which starts at $450 million and goes to $914 million. Heritage will announce Q3 2024 financial results on November 6, 2024, followed by a conference call on November 7, 2024.
Heritage Insurance Holdings (NYSE: HRTG) reported strong Q2 2024 results, with net income of $18.9 million ($0.61 per diluted share), up from $7.8 million ($0.30 per diluted share) in the prior year.
Gross premiums earned increased 6.1% to $350.1 million, and net premiums earned rose 7.6% to $190.3 million. The net loss ratio improved by 4.6 points to 55.7%, while the net combined ratio improved by 2.6 points to 92.5%.
Key strategic initiatives included selective underwriting and rate adequacy, leading to a 6.1% increase in premiums-in-force to $1.4 billion. Heritage's commercial residential premium increased by 29.4%, contributing to top-line growth and margin expansion.
The company plans controlled growth, leveraging new opportunities in disrupted markets, particularly in New York. The Board of Directors continued to suspend the quarterly dividend to prioritize financial stability and strategic growth.
Heritage Insurance Holdings (NYSE: HRTG), a super-regional property and casualty insurance holding company, has announced its schedule for releasing second quarter 2024 financial results. The company will disclose its Q2 2024 earnings after market close on Tuesday, August 6, 2024. This will be followed by a conference call and webcast on Wednesday, August 7, 2024, at 9:00 am ET.
Investors and analysts can participate in the earnings call via telephone or through a live audio webcast available on the company's website. The call will also be archived for future replay. Heritage regularly posts financial information and material announcements on its investor relations website at investors.heritagepci.com.
Heritage Insurance Holdings Inc. (NYSE: HRTG) has been included in the Russell 3000® Index, effective July 1, 2024. This inclusion reflects the company's improved financial performance and execution of its strategy. CEO Ernie Garateix expressed satisfaction with the re-inclusion, anticipating enhanced visibility and expanded engagement with the investment community.
The Russell 3000® Index captures the 4,000 largest US stocks by total market capitalization as of April 30. Membership in this index, which lasts for one year, also results in automatic inclusion in either the large-cap Russell 1000 Index or small-cap Russell 2000 Index, as well as appropriate growth and value style indexes.
Heritage Insurance Holdings announced a 3.3% rate decrease for its Florida homeowner's (HO3) insurance, effective August 20, 2024. This decision follows the Florida Office of Insurance Regulation's approval. The decrease is attributed to legislative changes eliminating one-way attorney fees, reduced abusive claims practices, and a stabilized reinsurance market. These factors allow Heritage to offer savings to policyholders while maintaining stable or improving margins. CEO Ernie Garateix emphasized the company's commitment to affordable and reliable insurance solutions, citing effective risk management and strategic underwriting practices as key contributors to this development.
Heritage Insurance Holdings, Inc. reported first quarter 2024 financial results showcasing positive growth in net income, premiums earned, and investment income. The company's strategic initiatives focus on underwriting profit, capital allocation, and portfolio diversification. Despite positive aspects, the decision to continue the suspension of quarterly dividends and the increase in expense ratios are areas of concern.
Heritage Insurance Holdings, Inc. announced the successful placement of its 2024-2025 catastrophe reinsurance program, costing approximately $422.3 million. The program includes external reinsurance partners, first event reinsurance tower exhaustion points, and catastrophe bonds issued by Citrus Re
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