HERITAGE INSURANCE HOLDINGS INC - HRTG STOCK NEWS

Heritage Insurance Holdings (HRTG) reported a fourth quarter net loss of $49.2 million, or $(1.79) per share, primarily due to a $60.5 million goodwill impairment charge. However, non-GAAP adjusted net income rose to $11.3 million, or $0.41 per diluted share, reflecting improved underwriting profitability. The net combined ratio improved to 93.2% from 108.7%, and gross premiums earned increased 10.7% year-over-year to $293.7 million. The board declared a quarterly cash dividend of $0.06 per share and approved a $25 million share repurchase program.

Heritage Insurance Holdings, Inc. (NYSE: HRTG) will announce its fourth quarter 2021 financial results after market close on March 7, 2022. A conference call to discuss these results is scheduled for March 8, 2022, at 9:30 am ET. Heritage operates as a super-regional property and casualty insurance holding company, writing approximately $1.2 billion in gross personal and commercial residential premiums across multiple states. Investors can access the live audio webcast and archived replay on the company's website.

Heritage Insurance Holdings (HRTG) has announced a stock repurchase plan authorized by its Board of Directors, allowing for the repurchase of up to $25 million of its outstanding shares through December 31, 2023. This initiative aims to enhance shareholder value amid the company's operations, which generate approximately $1.2 billion in gross residential premiums across multiple states. The timing and number of shares repurchased will depend on market conditions and the company's financial performance.

Heritage Insurance Holdings (NYSE: HRTG) announced a strategic partnership with Slide, an InsurTech carrier, enhancing its technological capabilities and entering the InsurTech sector. The partnership includes a 6% equity stake in Slide, valued at approximately $250 million, and a royalty-free license for software. Heritage will transfer ownership of two dormant insurance entities. This collaboration is expected to improve underwriting, generate commission income, and allow participation in the InsurTech market with limited capital outlay, potentially leading to capital gains for buybacks or debt retirement.

Heritage Insurance Holdings (HRTG) reported a net loss of $16.4 million for Q3 2021, translating to $0.59 per diluted share, a significant decline from the previous year's loss of $5.2 million. The book value per share decreased to $14.57, down 8.8% year-over-year. Gross premiums written fell by 1.5% to $274.2 million, largely due to planned exposure management. However, gross premiums earned rose by 15.5% year-over-year to $294.4 million. The company's net loss ratio improved to 79.8%, although total capital returned to shareholders was $2.7 million, including a quarterly dividend of $0.06 per share.

Heritage Insurance Holdings, Inc. (HRTG) will announce its third quarter 2021 financial results on November 4, 2021, followed by a conference call on November 5, 2021. The company expects to incur approximately $51.4 million in net weather-related losses for the quarter due to several hurricanes, including Elsa and Ida. These losses consist of $16.0 million from catastrophe losses and $35.5 million from other weather events. The company will provide further financial details in its upcoming earnings call.

Heritage Insurance Holdings, Inc. (NYSE: HRTG) reported a net loss of $4.0 million in Q2 2021, equating to $0.14 per share, a significant decline from a net income of $4.1 million in Q2 2020. Despite this, gross premiums written rose by 16.3% year-over-year to $337.7 million. The book value per share decreased by 0.8% to $15.20. Weather losses increased to $35.5 million, contributing to the higher net loss ratio of 68.8%. The company declared a quarterly dividend of $0.06 per share, payable on October 6, 2021. CEO Ernie Garateix emphasized improvements in underwriting and pricing actions.

Heritage Insurance Holdings (NYSE: HRTG) will report its second quarter 2021 financial results on August 5, 2021, with a conference call scheduled for August 6, 2021, at 9:30 am ET. The company anticipates net weather losses of approximately $35.5 million for the quarter, including $24.5 million from catastrophe losses and $11.0 million from other weather-related issues. Additionally, Heritage projects an extra $9.4 million in ceded premium for reinstatement of reinsurance coverage. These financial estimates remain subject to adjustments.

Heritage Insurance Holdings, Inc. (NYSE: HRTG) announced the completion of its 2021-2022 catastrophe reinsurance program, with a total cost of approximately $312 million, representing 28% of March 31, 2021 premiums-in-force. The reinsurance plan includes a first event exhaustion point of $1.4 billion and a total limit of $2.5 billion. Key features involve prepaid reinstatement premiums totaling $640 million and significant participation from the Florida Hurricane Catastrophe Fund at 90%. CEO Ernie Garateix emphasized improved program strength and simplified structures.