CLEARWATER, Fla., June 29, 2020 /PRNewswire/ -- Heritage
Insurance Holdings, Inc. (NYSE: HRTG) ("Heritage" or the
"Company"), a super-regional property and casualty insurance
holding company, announced today that it has entered into an
agreement with member companies of American International Group,
Inc. ("AIG") and Safeco Insurance, a Liberty Mutual Company, to
offer AIG's Private Client Group (PCG) agents the ability to
transition their upper middle market personal insurance business to
Safeco and Heritage. As part of AIG PCG's decision to focus
its personal lines business on the high net worth segment, Heritage
will offer policy renewals to a select portion of AIG PCG's
personal lines business that provides upper middle market clients
with homeowners coverage.
Key points:
- Heritage and Safeco will work together to seamlessly transition
AIG customers at renewal.
-
- More than 90% of Heritage's portion of this transition is
represented by policies outside Florida, benefiting portfolio
diversification.
- Renewals will be offered in sixteen of Heritage's seventeen
licensed states, with the majority in the northeast.
- The first renewals will become effective in the fourth quarter
of 2020 and will continue over the subsequent twelve-month
period.
- Heritage will offer appointments to the AIG distribution
partners with impacted policies, expanding its current distribution
force.
- Heritage will handle all quoting and policy issuance for
policies transitioning to Heritage.
Bruce Lucas, Heritage's Chairman
and CEO, said, "We're excited to partner with Safeco on this
opportunity and look forward to developing relationships with new
agents and providing a seamless transition for policyholders. Most
of the premium is located outside Florida, furthering our multi-state growth
initiatives and providing reinsurance synergies."
Financial information, including material announcements about
Heritage, is routinely posted on
investors.heritagepci.com.
About Heritage
Heritage Insurance Holdings, Inc. is a
super-regional property and casualty insurance holding
company. Through its insurance subsidiaries – Heritage
Property & Casualty Insurance Company, Narragansett Bay
Insurance Company and Zephyr Insurance Company – and a large
network of experienced agents, the Company writes over $950 million of consolidated gross personal and
commercial residential premium across its multi-state
footprint.
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. The risks and uncertainties that could cause our
actual results to differ from those expressed or implied herein
include, 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, 2019 filed
with the Securities and Exchange Commission on March 10, 2020. 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:
Arash
Soleimani, CFA, CPA
Executive Vice President
727.871.0206
asoleimani@heritagepci.com
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SOURCE Heritage Insurance Holdings, Inc.