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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 reported a net loss of $5.1 million, or ($0.19) per diluted share, in Q1 2021, down from a profit of $7.6 million in the same quarter last year.
Gross premiums written increased by 19.7% to $274.2 million, driven by rate hikes, particularly in Florida.
Despite these gains, the company faced a rise in weather-related losses to $31.4 million.
Book value per share decreased by 3.9% to $15.32, reflecting a decline in stockholders' equity.
A quarterly dividend of $0.06 per share was declared.
Heritage Insurance Holdings, Inc. (NYSE: HRTG), based in Clearwater, Florida, announced an estimated total of $31.4 million in net current accident quarter weather losses for Q1 2021. This includes approximately $15.4 million from catastrophe losses and $16.1 million from other weather-related losses. These figures are preliminary and subject to change pending quarter-end accounting procedures. The company writes over $1 billion in gross personal and commercial residential premium across multiple states.
Heritage Insurance Holdings, Inc. (NYSE: HRTG) will announce its first quarter 2021 financial results after market close on May 5, 2021. A conference call is scheduled for May 6, 2021, at 9:30 am ET, where details about their financial performance will be discussed. Heritage writes over $1 billion in gross personal and commercial residential premium through its subsidiaries. A live audio webcast of the earnings call will be available on the company's website, with a replay option for later access.
Heritage Insurance Holdings (HRTG) reported its fourth quarter 2020 financial results with net income of $2.8 million ($0.10 per diluted share), down 78.1% from the previous year. Despite a 19.9% increase in gross premiums written to $282.3 million, elevated weather losses of $38.9 million impacted profitability. Book value per share is up 1.8% to $15.94. The company declared a $0.06 per share dividend to shareholders on April 6, 2021. The firm reported a net loss ratio of 70.4% and a combined ratio of 108.7%, indicating higher underwriting costs.
Heritage Insurance Holdings, Inc. (NYSE: HRTG) will announce its fourth quarter 2020 financial results after the market closes on March 3, 2021. A conference call will take place on March 4, 2021, at 9:30 am ET. The company operates as a super-regional property and casualty insurance holding company, writing over $1 billion in gross premiums across multiple states. The earnings call will be accessible via a live audio webcast and archived for later replay. Financial announcements can be found on the company’s investors page.
Heritage Insurance Holdings (NYSE: HRTG) reported anticipated fourth quarter 2020 net catastrophe losses of approximately $28.6 million and other weather losses of $12.9 million. The company also expects $4.9 million in separation costs due to executive departures. These preliminary figures are unaudited and subject to change pending completion of quarter-end accounting processes. As of December 31, 2020, adjustments may arise that could materially impact final results. Heritage, a super-regional property and casualty insurer, writes over $1 billion in premiums.
Heritage Insurance Holdings (NYSE: HRTG) announced that Arash Soleimani, Executive Vice President, will participate in the Sidoti & Company Winter 2021 Virtual Investor Conference on January 13-14, 2021. Heritage, a super-regional property and casualty insurance holding company, writes over $1 billion in gross personal and commercial residential premium across multiple states. For more financial information, visit investors.heritagepci.com.
Heritage Insurance Holdings (NYSE: HRTG) announced participation in two virtual investor conferences. Arash Soleimani, Executive Vice President, will represent the company at the Southwest IDEAS conference on November 18 and the Sidoti & Company conference on November 19, 2020. Heritage, a super-regional property and casualty insurance holding company, writes over $1 billion in gross premiums across multiple states. Investors can find financial announcements and additional information on investors.heritagepci.com.
Heritage Insurance Holdings, Inc. (NYSE: HRTG) has announced the promotion of Ernie Garateix to Chief Executive Officer, effective November 30, 2020. Garateix, previously the Chief Operating Officer, has been with Heritage since its founding in 2012. He succeeds Bruce Lucas, who will retire on the same date but will remain as an executive consultant into 2021. Rich Widdicombe will continue as President and has been named Chairman of the Board. This leadership transition is expected to strengthen the company's strategic direction.
Heritage Insurance Holdings reported a net loss of $5.2 million or $0.19 per diluted share for Q3 2020, a significant decline from a net income of $8.1 million in Q3 2019. Despite gross premiums written increasing by 17.3% year-over-year to $278.2 million, elevated weather losses of $47.3 million negatively impacted results. Book value per share rose to $15.97, a 3.9% increase. The Board of Directors extended the share repurchase authorization to $50 million and declared a $0.06 quarterly dividend. The company is monitoring potential impacts from COVID-19 but remains optimistic about its resilience.
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