Heritage

Heritage eyes E&S opportunities, exhausts Irma private reinsurance cover

Following an earnings beat that saw investors send its shares up over 30 percent on Friday, the management of Heritage Insurance Holdings has said the carrier will expand its excess and surplus lines business to South Carolina in Q2, as well as revealing loss creep has exhausted its private reinsurance cover for Hurricane Irma.

Heritage records comfortable earnings beat as CR ticks up 2.9 points

Heritage Insurance Holdings finished Q4 2022 with adjusted net income that was well ahead of Wall Street’s consensus, while its net combined ratio increased 2.9 points to 96.1 percent primarily due to increased catastrophe excess of loss costs pushing its ceded premium ratio up.

Heritage board approves new $10mn share buyback program

The board of Florida-based carrier Heritage Insurance Holdings has authorized a new share repurchase plan of $10.0, which commenced upon the expiration of the previous $25mn program at the end of 2022.

Heritage Q3 combined ratio jumps to 133.3% on $40mn Ian loss

Florida-based carrier Heritage has reported a widening of its net loss for the third quarter to $48.2mn, with the preannounced $40mn Hurricane Ian hit pushing its combined ratio up 20.8 points to 133.3 percent.

Heritage to take $40mn net Ian hit with gross losses “well within” $1.2bn reinsurance tower

Heritage expects to incur $40.0mn of net retained losses from Hurricane Ian, with the Florida carrier anticipating gross losses will be “well within” the $1.2bn first event coverage of its reinsurance tower, and contained within the structure’s second layer which tops out at $960mn.

Heritage CR falls 5 points in Q2 but impairment charge drives $87.9mn net loss

Heritage posted a 5.8 point year on year decrease in its combined ratio to 99.4 percent in Q2 2022, although the improved underwriting performance was not enough to prevent the Florida-based business from posting a net loss of $87.9mn driven by a net non-cash goodwill impairment charge of $90.8mn.

Demotech withdraws rating for Weston P&C, affirms several cos at A as others await their fate

Rating agency Demotech withdrew its rating for Weston Property and Casualty Insurance Company at the company’s request, and affirmed a number of higher-profile Florida carriers as the ratings agency published its first wave of ratings actions on Monday.

Heritage suspends writing personal residential in some FL counties

Heritage Insurance Holdings remains committed to the Florida market despite halting underwriting new personal residential policies in some counties as it digests recent legislative changes in the Sunshine State, as it also revealed it paid 15 percent more for its reinsurance program than last year and that its retention increased.

Heritage says it benefits from diversification push as completes cat XoL placement

Heritage Insurance Holdings is the latest listed Florida carrier to confirm it has navigated the challenging 1 June renewal to place its 2022/23 catastrophe excess of loss (XoL) program.

Heritage shares drop 6% as management quizzed over outsized weather losses

Analysts questioned Heritage’s management on the Florida’s carrier’s earnings call about the $63.8mn of net current accident year weather losses that led to a Q1 net loss, with investors reacting to the results by sending its share price down 6 percent in trading on Friday.

Weather losses push Heritage’s Q1 CR up 21.8 pts to 129.5%

Heritage’s $63.8mn of net current accident year weather losses, which had been preannounced last week, resulted in a 21.8 point deterioration of the combined ratio to 129.5 percent in the first quarter, with the Florida carrier falling to net loss to $30.8mn.

Heritage expects $64mn Q1 weather losses, up from $31mn in 2021

Tampa, Florida-based Heritage Insurance Holdings expects it will absorb $64mn in total weather-related losses when it reports its first quarter results next month, more than double the $31mn in similar losses the company faced in the same period a year ago.

Heritage shares close up 14% after improved Q4 underwriting results

Heritage’s share price ended Tuesday trading up almost 14 percent as investors responded positively to the Floridian carrier’s Q4 2021 results which included its lowest quarterly combined ratio in two years, along with positive comments from analysts.

Heritage posts best CR in two years but impairment charge fuels Q4 net loss

Heritage reported a Q4 2021 combined ratio of 93.2 percent – its lowest in two years – but the improved underwriting performance was not enough to prevent the Florida-based carrier from falling to a net loss of $49.2mn driven by a goodwill write-off.

Heritage’s Q3 net loss deepens despite 10.2 points CR drop

Floridian carrier Heritage fell to a Q3 2021 $16.4mn net loss that deepened year over year as a 10.2 points drop in its combined ratio from lower current accident year losses was not enough to offset the impact of lower realized capital gains.

Heritage takes $51.4mn Q3 cat hit

Florida-based homeowners carrier Heritage has announced that it expects to incur net catastrophe losses of $51.4mn for the third quarter of 2021.

Heritage falls to Q2 net loss on weather losses and reinstatement premium

Florida carrier Heritage has swung to a net loss for the second quarter as its combined ratio increased 5.2 points to 105.2 percent, the result of increased accident quarter weather losses of $35.5mn and a $9.4mn reinsurance reinstatement premium.

Heritage takes $35.5mn hit from cats and other weather losses in Q2

Heritage Insurance Holdings is facing a $35.5mn hit from net catastrophe and other weather losses in its second quarter 2021 results, the Sunshine State-sited carrier has revealed.

Heritage increases limit at mid-year cat reinsurance renewal

Heritage has secured $1.4bn of total limit under its first event reinsurance tower after completing the placement of its 2021/22 catastrophe reinsurance coverage, with the Florida-headquartered insurer’s total southeast coverage increasing to $2.5bn as the overall cost of the program increased to $312mn.

Florida’s property insurance reform helpful but far from perfect

Carriers in the Sunshine State have welcomed the Florida Legislature’s passage of property insurance reform but are divided about how much good it will do.

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