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Heritage Insurance Holdings announced a 3.3% rate decrease for its Florida homeowner's (HO3) insurance, effective August 20, 2024. This decision follows the Florida Office of Insurance Regulation's approval. The decrease is attributed to legislative changes eliminating one-way attorney fees, reduced abusive claims practices, and a stabilized reinsurance market. These factors allow Heritage to offer savings to policyholders while maintaining stable or improving margins. CEO Ernie Garateix emphasized the company's commitment to affordable and reliable insurance solutions, citing effective risk management and strategic underwriting practices as key contributors to this development.
Heritage Insurance Holdings, Inc. reported first quarter 2024 financial results showcasing positive growth in net income, premiums earned, and investment income. The company's strategic initiatives focus on underwriting profit, capital allocation, and portfolio diversification. Despite positive aspects, the decision to continue the suspension of quarterly dividends and the increase in expense ratios are areas of concern.
Heritage Insurance Holdings, Inc. announced the successful placement of its 2024-2025 catastrophe reinsurance program, costing approximately $422.3 million. The program includes external reinsurance partners, first event reinsurance tower exhaustion points, and catastrophe bonds issued by Citrus Re