Welcome to our dedicated page for Heritage Insurance Hldgs news (Ticker: HRTG), a resource for investors and traders seeking the latest updates and insights on Heritage Insurance Hldgs stock.
Heritage Insurance Holdings Inc (HRTG) delivers property and casualty insurance solutions across the southeastern U.S., with specialized expertise in catastrophe-prone markets. This news hub provides investors and industry observers with timely updates on corporate developments, financial performance, and strategic initiatives shaping this super-regional insurer.
Access official press releases and curated analysis covering HRTG's quarterly earnings, regulatory filings, leadership updates, and product expansions. Our repository tracks critical areas including reinsurance strategies, rate adequacy measures, and claims management innovations central to the company's operations in Florida and expanding markets.
Key updates include developments in coastal property coverage, loss mitigation programs, and partnerships with independent agents. Users will find essential information on capital management decisions, dividend announcements, and responses to regional weather events impacting the insurance sector.
Bookmark this page for streamlined access to Heritage Insurance's evolving story. Check regularly for verified updates on underwriting adjustments, market entry/exit decisions, and other material developments affecting HRTG's position in the property insurance landscape.
Heritage Insurance Holdings (NYSE: HRTG) reported Q4 2024 financial results with net income of $20.3 million ($0.66 per diluted share), down from $30.9 million ($1.15 per share) in Q4 2023. The quarter included a $57.0 million pre-tax impact from Hurricane Milton losses.
Key metrics include:
- Gross premiums earned: $360.4 million (+6.1% YoY)
- Net premiums earned: $199.3 million (+12.1% YoY)
- Net loss ratio: 54.7% (+3.7 points YoY)
- Net combined ratio: 89.7% (+4.8 points YoY)
- Book value per share: $9.50 (+30.3% from 2023)
The company achieved its 12th consecutive quarter of in-force premium growth, reaching $1.43 billion (+5.7% YoY). Heritage's Board continues to suspend quarterly shareholder dividends to prioritize strategic growth. The company plans to strategically re-open territories for new personal lines business and maintain focus on profitable geographies.
Heritage Insurance Holdings (NYSE: HRTG) has announced it will release its fourth quarter and full year 2024 financial results after market close on Tuesday, March 11, 2025. The company will host a conference call and webcast to discuss the results on Wednesday, March 12, 2025, at 9:00 am ET.
The earnings call will be accessible via phone through domestic (1-888-346-3095) and international (1-412-902-4258) dial-in numbers. A live audio webcast will also be available in the investors section of Heritage's website, with an archived version provided for replay. The company regularly posts financial information and material announcements on investors.heritagepci.com.
Heritage Insurance Holdings (NYSE: HRTG) anticipates its strongest earnings quarter of 2024 in Q4, surpassing Q2's $18.9 million after-tax net income. The Q4 results include a $57.0 million impact from Hurricane Milton, comprising $40.0 million in retained catastrophe losses and $17.0 million in net reinstatement premium.
The company has successfully settled over 9,000 hurricane claims from 2024, disbursing more than $140 million, with approximately 90% of 2024 hurricane claims now closed. Lower than expected non-catastrophe accident year losses positively influenced Q4 results.
For Q1 2025, Heritage expects to incur $35.0 - $40.0 million in pre-tax net catastrophe losses from Southern California wildfires. The company is actively participating in insurance villages in California to assist affected policyholders.
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.
Heritage Insurance Holdings (NYSE: HRTG) reported strong Q3 2024 results with net income of $8.2 million ($0.27 per share), improving from a net loss of $7.4 million in Q3 2023. The company achieved gross premiums earned of $354.2 million (up 5.1%) and net premiums earned of $198.8 million (up 12.6%). The net combined ratio improved to 100.6%, down 10.2 points year-over-year. Despite retaining $48.0 million in hurricane losses, Heritage maintained profitability and demonstrated successful execution of strategic initiatives focused on rate adequacy and portfolio improvement. The company's book value per share increased to $9.10, up 61.1% from Q3 2023.
Heritage Insurance Holdings (NYSE: HRTG) announced estimated losses for Hurricanes Debby, Helene, and Milton. The company expects to incur $48 million in net catastrophe losses for Q3 2024 from Hurricanes Debbie and Helene, and $57 million for Q4 2024 from Hurricane Milton. Despite these impacts, Heritage anticipates positive net income for Q3 2024.
CEO Ernie Garateix highlighted the company's strong financial position, backed by a $1.30 billion reinsurance tower. Gross losses from Hurricane Milton may reach the third layer of their reinsurance, which starts at $450 million and goes to $914 million. Heritage will announce Q3 2024 financial results on November 6, 2024, followed by a conference call on November 7, 2024.
Heritage Insurance Holdings (NYSE: HRTG) reported strong Q2 2024 results, with net income of $18.9 million ($0.61 per diluted share), up from $7.8 million ($0.30 per diluted share) in the prior year.
Gross premiums earned increased 6.1% to $350.1 million, and net premiums earned rose 7.6% to $190.3 million. The net loss ratio improved by 4.6 points to 55.7%, while the net combined ratio improved by 2.6 points to 92.5%.
Key strategic initiatives included selective underwriting and rate adequacy, leading to a 6.1% increase in premiums-in-force to $1.4 billion. Heritage's commercial residential premium increased by 29.4%, contributing to top-line growth and margin expansion.
The company plans controlled growth, leveraging new opportunities in disrupted markets, particularly in New York. The Board of Directors continued to suspend the quarterly dividend to prioritize financial stability and strategic growth.
Heritage Insurance Holdings (NYSE: HRTG), a super-regional property and casualty insurance holding company, has announced its schedule for releasing second quarter 2024 financial results. The company will disclose its Q2 2024 earnings after market close on Tuesday, August 6, 2024. This will be followed by a conference call and webcast on Wednesday, August 7, 2024, at 9:00 am ET.
Investors and analysts can participate in the earnings call via telephone or through a live audio webcast available on the company's website. The call will also be archived for future replay. Heritage regularly posts financial information and material announcements on its investor relations website at investors.heritagepci.com.
Heritage Insurance Holdings Inc. (NYSE: HRTG) has been included in the Russell 3000® Index, effective July 1, 2024. This inclusion reflects the company's improved financial performance and execution of its strategy. CEO Ernie Garateix expressed satisfaction with the re-inclusion, anticipating enhanced visibility and expanded engagement with the investment community.
The Russell 3000® Index captures the 4,000 largest US stocks by total market capitalization as of April 30. Membership in this index, which lasts for one year, also results in automatic inclusion in either the large-cap Russell 1000 Index or small-cap Russell 2000 Index, as well as appropriate growth and value style indexes.
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.
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