Heritage Insurance Holdings Announces Share Repurchase Program

Rhea-AI Summary

Heritage Insurance Holdings (NYSE: HRTG) announced a new $10.0 million share repurchase program starting December 31, 2024, following the expiration of its prior $10.0 million repurchase plan. The new program will run through December 31, 2025, allowing the company to repurchase shares through open market purchases and privately negotiated transactions.

Share purchases will be determined by trading windows, liquidity, market conditions, and other factors including legal requirements and debt covenant restrictions. Heritage, a super-regional property and casualty insurance holding company, currently writes approximately $1.4 billion of gross personal and commercial residential premium across multiple states.

Positive

• Authorization of new $10.0 million share repurchase program
• Company maintains substantial business operations with $1.4 billion in gross premium writings
• Multi-state presence across northeast, southeast, Hawaii and California

Negative

• Share repurchases subject to debt covenant restrictions
• Program execution dependent on available liquidity and trading windows

TAMPA, Fla., Dec. 9, 2024 /PRNewswire/ -- Heritage Insurance Holdings, Inc. (NYSE: HRTG) ("Heritage" or the "Company"), a super-regional property and casualty insurance holding company, announced today that its Board of Directors authorized a new share repurchase plan of $10.0 million (the "New Share Repurchase Plan") commencing upon the December 31, 2024 expiration of the prior $10.0 million share repurchase program (the "Prior Share Repurchase Plan").

Under the New Share Repurchase Plan, the Company is authorized to repurchase shares through open market purchases, privately negotiated transactions or otherwise in accordance with applicable federal securities laws at any time until December 31, 2025.

The number of shares to be purchased and the timing of purchases will be based on the Company's trading windows and available liquidity, general business and market conditions, and other factors, including legal requirements, debt covenant restrictions, including those in the Company's existing credit facilities, and alternative investment opportunities.

About Heritage

Heritage Insurance Holdings, Inc. is a super-regional property and casualty insurance holding company. Through its insurance subsidiaries and a large network of experienced agents, the Company writes approximately $1.4 billion of gross personal and commercial residential premium across its multi-state footprint covering the northeast, southeast, Hawaii and California excess and surplus lines.

Forward-Looking Statements

Statements in this press release that are not historical facts are forward-looking statements that are subject to certain risks and uncertainties that could cause actual events and results to differ materially from those discussed herein. Without limiting the generality of the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," "or "continue" or the other negative variations thereof or comparable terminology are intended to identify forward-looking statements. This release includes forward-looking statements regarding the New Share Repurchase Plan. The risks and uncertainties that could cause our actual results to differ from those expressed or implied herein include, without limitation, the matters described from time to time by us in our filings with the Securities and Exchange Commission, including, but not limited to, the Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 13, 2024, and subsequent filings. The Company undertakes no obligations to update, change or revise any forward-looking statement, whether as a result of new information, additional or subsequent developments or otherwise.

Investor Contact:

Kirk Lusk
Chief Financial Officer
klusk@heritagepci.com
investors@heritagepci.com 

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SOURCE Heritage Insurance Holdings, Inc.

FAQ

What is the value of Heritage Insurance's new share repurchase program?

Heritage Insurance (HRTG) authorized a new $10.0 million share repurchase program.

When does Heritage Insurance's new share repurchase program start and end?

The new share repurchase program starts December 31, 2024, and runs through December 31, 2025.

How much gross premium does Heritage Insurance write across its markets?

Heritage Insurance writes approximately $1.4 billion of gross personal and commercial residential premium across its multi-state footprint.

What factors will determine HRTG's share repurchase execution?

The share repurchases will be based on trading windows, available liquidity, business and market conditions, legal requirements, and debt covenant restrictions.