Heritage Insurance Holdings, Inc. reports news as a super-regional property and casualty insurance holding company focused on personal and commercial residential insurance. Through insurance subsidiaries and a network of agents, the company writes business across a multi-state footprint that includes the Northeast, Southeast, Hawaii and California excess and surplus lines.
Company updates commonly cover quarterly earnings, premium trends, loss and combined ratios, underwriting discipline, rate adequacy, catastrophe exposure, claims and customer-service capabilities, reinsurance capacity, share repurchases and capital allocation. Heritage also discusses data-driven analytics, product expansion and geographic diversification within its residential property insurance portfolio.
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.