Heritage Announces Preliminary Second Quarter 2020 Weather and Catastrophe Losses

Rhea-AI Summary

Heritage Insurance Holdings (NYSE: HRTG) reported expected net current accident quarter weather losses of approximately $26.8 million for Q2 2020, including $17.6 million in net catastrophe losses. These losses resulted from 13 PCS events, predominantly affecting Florida and the Southeast. The company, a significant player in property and casualty insurance, generates over $950 million in gross personal and commercial premium through its extensive network.

Positive

• Company operates in the growing property and casualty insurance market.
• Heritage writes over $950 million of gross premiums, indicating a strong market presence.

Negative

• Expected weather losses of $26.8 million could impact overall financial performance.
• Net catastrophe losses of $17.6 million are concerning for investors.

CLEARWATER, Fla., July 14, 2020 /PRNewswire/ -- Heritage Insurance Holdings, Inc. (NYSE: HRTG) ("Heritage" or the "Company"), a super-regional property and casualty insurance holding company, announced today that it expects to incur approximately $26.8 million of net current accident quarter weather losses in second quarter 2020, including about $17.6 million of net catastrophe losses. Weather and catastrophe losses primarily stemmed from an unusually high thirteen PCS events, which mostly impacted Florida and the Southeast.

Financial information, including material announcements about Heritage, is routinely posted on investors.heritagepci.com. 

About Heritage
Heritage Insurance Holdings, Inc. is a super-regional property and casualty insurance holding company. Through its insurance subsidiaries and a large network of experienced agents, the Company writes over $950 million of gross personal and commercial residential premium across its multi-state footprint. 

Forward-Looking Statements
Statements in this press release that are not historical facts are forward-looking statements that are subject to certain risks and uncertainties that could cause actual events and results to differ materially from those discussed herein.  Without limiting the generality of the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," "or "continue" or the other negative variations thereof or comparable terminology are intended to identify forward-looking statements.  The risks and uncertainties that could cause our actual results to differ from those expressed or implied herein include, the matters described from time to time by us in our filings with the Securities and Exchange Commission, including, but not limited to, the Company's Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission on March 10, 2020.  The Company undertakes no obligations to update, change or revise any forward-looking statement, whether as a result of new information, additional or subsequent developments or otherwise.

Investor Contact:
Arash Soleimani, CFA, CPA
Executive Vice President
727.871.0206
asoleimani@heritagepci.com

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SOURCE Heritage Insurance Holdings, Inc.

FAQ

What are the expected weather losses for Heritage Insurance in Q2 2020?

Heritage Insurance anticipates approximately $26.8 million in net current accident quarter weather losses for Q2 2020.

How much of the weather losses is attributed to catastrophe losses?

Out of the expected $26.8 million in weather losses, about $17.6 million is attributed to net catastrophe losses.

Which region is primarily affected by the weather losses reported by Heritage Insurance?

The weather losses primarily impacted Florida and the Southeast.

What is the stock symbol for Heritage Insurance Holdings?

The stock symbol for Heritage Insurance Holdings is HRTG.

What does Heritage Insurance Holdings do?

Heritage Insurance Holdings is a super-regional property and casualty insurance holding company.