HERITAGE INSURANCE HOLDINGS INC - HRTG STOCK NEWS

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 December 31, 2022. This new plan allows for open market purchases and privately negotiated transactions until December 31, 2023. The amount and timing of repurchases will depend on market conditions, available liquidity, and legal requirements. Heritage writes approximately $1.2 billion in gross premiums across multiple states, marking its position as a super-regional property and casualty insurance provider.

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.