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HERITAGE INSURANCE HOLDINGS INC - HRTG STOCK NEWS

Welcome to our dedicated page for HERITAGE INSURANCE HOLDINGS news (Ticker: HRTG), a resource for investors and traders seeking the latest updates and insights on HERITAGE INSURANCE HOLDINGS stock.

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.

News

Heritage Insurance Holdings Announces Share Repurchase Program

Rhea-AI Summary
Heritage Insurance Holdings, Inc. (NYSE: HRTG) announces a new $10.0 million share repurchase plan, following the expiration of a prior plan. The company aims to repurchase shares through various means until December 31, 2024, considering trading windows, market conditions, and legal requirements.
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Heritage Reports Fourth Quarter 2023 Results

Rhea-AI Summary
Heritage Insurance Holdings, Inc. (HRTG) reported strong financial results for the fourth quarter of 2023, with net income of $30.9 million, an increase from the previous year. The company focused on strategic initiatives to drive profitability and shareholder value, including underwriting profit generation, capital allocation, and portfolio diversification. Despite a suspension of quarterly dividends, Heritage's performance indicators like net premiums earned, loss ratios, and combined ratios showed significant improvements.
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Heritage Announces Fourth Quarter and Full Year 2023 Earnings Dates

Rhea-AI Summary
Heritage Insurance Holdings, Inc. (HRTG) will announce fourth quarter and full year 2023 financial results on March 11, 2024, followed by a conference call and webcast on March 12, 2024. The company is a super-regional property and casualty insurance holding company.
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Heritage Announces Closing of Primary Public Offering of Shares of Common Stock and Concurrent Private Placement

Rhea-AI Summary
Heritage Insurance Holdings, Inc. (NYSE: HRTG) completed a primary offering of 3,703,703 shares at $6.75 per share, with gross proceeds of approximately $26.5 million. The offering and private placement aim to support general corporate and operational purposes, as well as anticipated growth and expansion efforts.
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Heritage Announces Pricing of Primary Offering of Shares of Common Stock

Rhea-AI Summary
Heritage Insurance Holdings, Inc. (NYSE: HRTG) has priced its underwritten public offering of 3,703,703 shares of common stock at $6.75 per share, expecting to raise approximately $25 million in gross proceeds.
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Heritage Announces Launch of Primary Offering of Shares of Common Stock

Rhea-AI Summary
Heritage Insurance Holdings, Inc. (NYSE: HRTG) is commencing an underwritten public offering of its shares of common stock, with an option to purchase up to an additional 15% of the shares. The net proceeds will be used for general corporate and operations purposes, as well as for anticipated growth and expansion efforts. The Offering is being made pursuant to its shelf registration statement on Form S-3, previously filed with the SEC and declared effective on April 22, 2021.
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Heritage Reports Third Quarter 2023 Results

Rhea-AI Summary
Heritage Insurance Holdings, Inc. reported third quarter 2023 financial results. Net loss improved to $7.4 million from $48.2 million in the prior year quarter. Gross premiums earned increased by 9.4% to $337.0 million. Net loss ratio improved by 23.2 points to 74.4%. Strategic initiatives include underwriting profit, capital allocation, portfolio diversification, and coverage suitability.
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Heritage Announces Third Quarter 2023 Earnings Dates

Rhea-AI Summary
Heritage Insurance Holdings to announce third quarter 2023 financial results
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Heritage Insurance Holdings Provides Estimated Third Quarter 2023 Catastrophe Losses

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Heritage Insurance Holdings, Inc. reports approximately $40.0 million in estimated retained catastrophe losses for Q3 2023 due to the Maui Wildfire and Hurricane Idalia.
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Heritage Reports Second Quarter 2023 Results

Rhea-AI Summary
Heritage Insurance Holdings reports Q2 2023 financial results with net income of $7.8 million, up from a net loss of $87.9 million in the prior year quarter. Gross premiums written increased by 8.6% to $396.6 million. Net loss ratio improved by 3.8 points to 60.3%. Continued focus on underwriting profits and selective organic growth in commercial residential business.
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FAQ

What is the current stock price of HERITAGE INSURANCE HOLDINGS (HRTG)?

The current stock price of HERITAGE INSURANCE HOLDINGS (HRTG) is $11.78 as of November 15, 2024.

What is the market cap of HERITAGE INSURANCE HOLDINGS (HRTG)?

The market cap of HERITAGE INSURANCE HOLDINGS (HRTG) is approximately 371.6M.

What states does Heritage Insurance operate in?

Heritage Insurance operates in multiple states, including Florida, Hawaii, North Carolina, and South Carolina.

What types of insurance does Heritage provide?

Heritage provides personal and commercial residential property insurance through its subsidiaries.

What recent financial performance has Heritage reported?

Heritage reported increased average premiums and effective exposure management in its Q1 2024 financial results.

What was the outcome of Heritage's recent stock offering?

Heritage raised approximately $25 million from its recent public offering of common stock.

What is Heritage's market capitalization?

Heritage's market capitalization is approximately $460 million.

How much premium does Heritage write annually?

Heritage writes approximately $1.4 billion in gross personal and commercial residential premiums annually.

Who are Heritage's reinsurance partners?

Heritage maintains long-term relationships with various reinsurance partners and has recently completed its 2024-2025 catastrophe reinsurance program.

What initiatives is Heritage focusing on for long-term profitability?

Heritage focuses on strategic profitability initiatives, including rate adequacy, selective underwriting, and enhanced reinsurance relationships.

What is Heritage's share repurchase plan?

Heritage has a new $10 million share repurchase plan authorized to commence after the expiration of its prior $10 million plan.

Who should investors contact for more information?

Investors can contact Kirk Lusk, Chief Financial Officer, at klusk@heritagepci.com or investors@heritagepci.com for more information.

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HERITAGE INSURANCE HOLDINGS INC

NYSE:HRTG

HRTG Rankings

#3349 Ranked by Market Cap
N/A Ranked by Dividends

HRTG Stock Data

371.59M
30.68M
26.84%
50.55%
3.38%
Insurance - Property & Casualty
Fire, Marine & Casualty Insurance
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United States of America
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