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 announced the promotion of Ernie Garateix to Chief Executive Officer, effective November 30, 2020. Garateix, previously the Chief Operating Officer, has been with Heritage since its founding in 2012. He succeeds Bruce Lucas, who will retire on the same date but will remain as an executive consultant into 2021. Rich Widdicombe will continue as President and has been named Chairman of the Board. This leadership transition is expected to strengthen the company's strategic direction.
Heritage Insurance Holdings reported a net loss of $5.2 million or $0.19 per diluted share for Q3 2020, a significant decline from a net income of $8.1 million in Q3 2019. Despite gross premiums written increasing by 17.3% year-over-year to $278.2 million, elevated weather losses of $47.3 million negatively impacted results. Book value per share rose to $15.97, a 3.9% increase. The Board of Directors extended the share repurchase authorization to $50 million and declared a $0.06 quarterly dividend. The company is monitoring potential impacts from COVID-19 but remains optimistic about its resilience.
Heritage Insurance Holdings, Inc. (NYSE: HRTG) will announce its third quarter 2020 financial results after the market closes on November 2, 2020. A conference call is scheduled for November 3, 2020, at 8:30 am ET to discuss the results. Heritage Insurance is a super-regional property and casualty insurance holding company, writing approximately $1 billion in gross personal and commercial residential premium across multiple states. Investors can access financial information on their website.
Heritage Insurance Holdings (HRTG) reported an anticipated $24.5 million in net current accident quarter catastrophe losses for Q3 2020, mainly due to Hurricanes Isaias and Sally. Additionally, the company expects $22.8 million in non-catastrophe weather losses, a significant increase from $11.9 million in the same period last year, primarily attributed to wind and hail storms in Florida. Heritage operates as a super-regional property and casualty insurance provider, managing approximately $1 billion in gross premiums across multiple states.
Heritage Insurance Holdings, Inc. (HRTG) announced the participation of Arash Soleimani, Executive Vice President, in the Sidoti & Company's virtual investor conference on September 23-24, 2020. The company, based in Clearwater, Florida, is a super-regional property and casualty insurance holding company, writing approximately $1 billion in gross personal and commercial residential premiums across its multi-state footprint. Financial updates are regularly posted on investors.heritagepci.com.
Heritage Insurance Holdings (HRTG) announced participation in the LD Micro virtual investor conference from September 2 to September 4, 2020. Executive Vice President Arash Soleimani will represent the company during this event. Heritage, headquartered in Clearwater, Florida, is recognized as a super-regional property and casualty insurance provider, writing approximately $1 billion in gross premiums across multiple states. For further financial details and updates, visit investors.heritagepci.com.
Heritage Insurance Holdings (NYSE: HRTG) announced a quarterly cash dividend of $0.06 per share, set to be paid on October 2, 2020, to shareholders on record by September 15, 2020. The Board's decision for future dividends will depend on various factors including the company's financial performance. Heritage operates as a super-regional property and casualty insurance company, managing approximately $1 billion in premiums across multiple states.
Heritage Insurance Holdings (HRTG) reported strong second quarter 2020 results, posting a net income of $4.1 million ($0.15 per diluted share), up 473.1% from $0.7 million a year ago. Gross premiums written increased by 14.0% year-over-year to $290.4 million, driving book value per share up 11.2% to $16.67. The combined ratio improved to 100.0%, reflecting enhanced underwriting discipline. Despite the ongoing COVID-19 pandemic, the company remains optimistic about its insulated position within the residential property insurance market.
Heritage Insurance Holdings (NYSE: HRTG) reported expected net current accident quarter weather losses of approximately $26.8 million for Q2 2020, including $17.6 million in net catastrophe losses. These losses resulted from 13 PCS events, predominantly affecting Florida and the Southeast. The company, a significant player in property and casualty insurance, generates over $950 million in gross personal and commercial premium through its extensive network.
Heritage Insurance Holdings (NYSE: HRTG) is set to release its Q2 2020 financial results on August 3, 2020, after market close. An earnings conference call will follow on August 4, 2020, at 8:30 am ET. The company specializes in property and casualty insurance and operates with gross premiums exceeding $950 million. Investors can access the call via a toll-free number or through a live audio webcast on the company’s website.