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.
Heritage Insurance Holdings, Inc. (NYSE: HRTG) will announce its third quarter 2020 financial results after the market closes on November 2, 2020. A conference call is scheduled for November 3, 2020, at 8:30 am ET to discuss the results. Heritage Insurance is a super-regional property and casualty insurance holding company, writing approximately $1 billion in gross personal and commercial residential premium across multiple states. Investors can access financial information on their website.
Heritage Insurance Holdings (HRTG) reported an anticipated $24.5 million in net current accident quarter catastrophe losses for Q3 2020, mainly due to Hurricanes Isaias and Sally. Additionally, the company expects $22.8 million in non-catastrophe weather losses, a significant increase from $11.9 million in the same period last year, primarily attributed to wind and hail storms in Florida. Heritage operates as a super-regional property and casualty insurance provider, managing approximately $1 billion in gross premiums across multiple states.
Heritage Insurance Holdings, Inc. (HRTG) announced the participation of Arash Soleimani, Executive Vice President, in the Sidoti & Company's virtual investor conference on September 23-24, 2020. The company, based in Clearwater, Florida, is a super-regional property and casualty insurance holding company, writing approximately $1 billion in gross personal and commercial residential premiums across its multi-state footprint. Financial updates are regularly posted on investors.heritagepci.com.
Heritage Insurance Holdings (HRTG) announced participation in the LD Micro virtual investor conference from September 2 to September 4, 2020. Executive Vice President Arash Soleimani will represent the company during this event. Heritage, headquartered in Clearwater, Florida, is recognized as a super-regional property and casualty insurance provider, writing approximately $1 billion in gross premiums across multiple states. For further financial details and updates, visit investors.heritagepci.com.
Heritage Insurance Holdings (NYSE: HRTG) announced a quarterly cash dividend of $0.06 per share, set to be paid on October 2, 2020, to shareholders on record by September 15, 2020. The Board's decision for future dividends will depend on various factors including the company's financial performance. Heritage operates as a super-regional property and casualty insurance company, managing approximately $1 billion in premiums across multiple states.
Heritage Insurance Holdings (HRTG) reported strong second quarter 2020 results, posting a net income of $4.1 million ($0.15 per diluted share), up 473.1% from $0.7 million a year ago. Gross premiums written increased by 14.0% year-over-year to $290.4 million, driving book value per share up 11.2% to $16.67. The combined ratio improved to 100.0%, reflecting enhanced underwriting discipline. Despite the ongoing COVID-19 pandemic, the company remains optimistic about its insulated position within the residential property insurance market.
Heritage Insurance Holdings (NYSE: HRTG) reported expected net current accident quarter weather losses of approximately $26.8 million for Q2 2020, including $17.6 million in net catastrophe losses. These losses resulted from 13 PCS events, predominantly affecting Florida and the Southeast. The company, a significant player in property and casualty insurance, generates over $950 million in gross personal and commercial premium through its extensive network.
Heritage Insurance Holdings (NYSE: HRTG) is set to release its Q2 2020 financial results on August 3, 2020, after market close. An earnings conference call will follow on August 4, 2020, at 8:30 am ET. The company specializes in property and casualty insurance and operates with gross premiums exceeding $950 million. Investors can access the call via a toll-free number or through a live audio webcast on the company’s website.
Heritage Insurance Holdings, Inc. (NYSE: HRTG) has entered into an agreement with AIG and Safeco Insurance to transition AIG's upper middle market personal insurance business to Heritage and Safeco. This partnership aims to streamline policy renewals for AIG customers while Heritage will manage quoting and policy issuance. Notably, over 90% of the transitioned policies are outside Florida, contributing to portfolio diversification. Renewals will commence in Q4 2020 and span the following twelve months.
Heritage Insurance Holdings, Inc. (NYSE: HRTG) announced its 2020-2021 catastrophe reinsurance program, which will cost the company $272.1 million, representing 28.4% of premiums-in-force as of March 31, 2020. This is a 6% increase from the previous year. The program includes a first event reinsurance tower with a limit of $2.382 billion and loss retention of $20 million in the southeast. The company maintains a 90% participation in the Florida Hurricane Catastrophe Fund. CEO Bruce Lucas emphasized the company's strong relationships with reinsurance partners amid challenging renewal conditions.
FAQ
What is the current stock price of HERITAGE INSURANCE HOLDINGS (HRTG)?
What is the market cap of HERITAGE INSURANCE HOLDINGS (HRTG)?
What states does Heritage Insurance operate in?
What types of insurance does Heritage provide?
What recent financial performance has Heritage reported?
What was the outcome of Heritage's recent stock offering?
What is Heritage's market capitalization?
How much premium does Heritage write annually?
Who are Heritage's reinsurance partners?
What initiatives is Heritage focusing on for long-term profitability?
What is Heritage's share repurchase plan?
Who should investors contact for more information?
