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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, Inc. (NYSE: HRTG) is set to announce its first quarter 2023 financial results after market close on May 4, 2023, followed by a conference call on May 5, 2023, at 9:00 am ET. The company, which operates as a super-regional property and casualty insurance holding firm, reports approximately $1.3 billion in gross personal and commercial residential premium across several states. Interested participants can join the call via toll-free or international numbers. Additionally, a live audio webcast of the earnings call will be available on the investor section of their website.
Heritage Insurance Holdings, Inc. (NYSE: HRTG) has appointed Paul Whiting to its Board of Directors, effective immediately, to fill a recent vacancy. Whiting brings extensive experience from his previous roles at Sykes Enterprises and Teco Energy, along with his current position as President of Seabreeze Holdings. Heritage's Chair, Richard Widdicombe, expressed confidence in Whiting's ability to contribute positively to the company's strategic profitability initiatives aimed at enhancing long-term shareholder value. Heritage specializes in property and casualty insurance, generating approximately $1.3 billion in gross premiums across multiple states.
Heritage Insurance Holdings reported a fourth-quarter net income of $12.5 million or $0.48 per diluted share for 2022, a significant recovery from a net loss of $49.2 million or ($1.79) per diluted share in Q4 2021. Premiums in force increased by 9.6% to $1.3 billion despite a 7.2% reduction in policies. Gross premiums written rose 15.5% year-over-year to $322.1 million. However, net loss ratio increased to 62.4%, with a combined ratio of 96.1%. The company continues to focus on strategic profitability through selective underwriting and managing exposures, while temporarily suspending dividends. The impact of recent legislative changes in Florida on the insurance market is also being closely monitored.
Heritage Insurance Holdings, Inc. (NYSE: HRTG) has announced the release date for its fourth quarter and full year 2022 financial results. The earnings will be disclosed after market hours on March 2, 2023, followed by a conference call at 9:00 am ET on March 3, 2023. The Company operates as a super-regional property and casualty insurance provider, writing approximately $1.2 billion in gross premiums across multiple states. Investors can access the earnings call via a live webcast available on the Company’s investor relations website.
Heritage Insurance Holdings, Inc. (NYSE: HRTG) announced a new $10 million share repurchase plan, effective after the previous $25 million plan expired on
Heritage Insurance Holdings (NYSE: HRTG) reported a net loss of $48.2 million or $1.83 per diluted share for Q3 2022, a significant increase from a $16.4 million net loss in the prior year quarter. Gross premiums written rose 11.1% to $304.5 million, while net earned premiums fell 1.7% to $159.7 million. Major factors included weather-related losses of $63.8 million, up 24.2%, and a substantial increase in catastrophe losses due to Hurricane Ian. The net combined ratio worsened to 133.3% from 112.5%. The company has temporarily suspended dividends to shareholders amid these losses.
Heritage Insurance Holdings, Inc. (NYSE: HRTG) will announce its third quarter 2022 financial results after market close on November 8, 2022. A conference call is scheduled for 9:00 am ET on November 9, 2022, where the company will discuss its earnings. Heritage, a super-regional property and casualty insurance holding company, has a significant presence in the insurance sector, writing approximately $1.2 billion in gross personal and commercial premiums across multiple states.
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