TAMPA,
Fla., June 1, 2022 /PRNewswire/ -- Heritage
Insurance Holdings, Inc. (NYSE: HRTG) ("Heritage" or the
"Company"), a super-regional property and casualty insurance
holding company announced today that it fully placed its 2022-2023
catastrophe excess-of-loss reinsurance program for its insurance
subsidiaries, Heritage Property Casualty Insurance Company,
Narragansett Bay Insurance Company and Zephyr Insurance
Company.
"We are pleased with the execution and terms of our
comprehensive reinsurance structure, including our ability to
access capital markets as part of our 2022-2023 program through the
first Citrus Re cat bond we have issued since 2017," said Heritage
CEO Ernie Garateix. "We believe the
completion of the program reflects a thorough understanding by our
reinsurance partners of our successful diversification strategy, as
well as our sound business plan, which has increased our total
insured value outside Florida to
74.0% of TIV as of first quarter 2022, with zero exposure to
Louisiana and Texas. We appreciate our reinsurance partners'
recognition of our efforts to better diversify and underwrite our
business, and we plan to continue to proactively and appropriately
raise rates and take underwriting actions within statutory
guidelines to improve our profitability for the long term."
Heritage also reported that its catastrophe reinsurance program
was fully placed without a need to take advantage of the new
Reinsurance to Assist Policyholders (RAP) program that was
authorized during last month's special session of the Florida
Legislature.
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 and a large network of experienced agents, the Company
writes approximately $1.2 billion of
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. This release includes forward-looking statements
relating to our 2022-2023 catastrophe reinsurance program, and our
strategic initiatives, including our risk diversification and
selective underwriting strategies, and their impact on our future
financial results and profitability. The risks and uncertainties
that could cause our actual results to differ from those expressed
or implied herein include, without limitation: the success of the
Company's underwriting and profitability initiatives; the continued
and potentially prolonged impact of the COVID-19 pandemic on the
economy, demand for our products and our operations; inflation and
other changes in economic conditions (including changes in interest
rates and financial and real estate markets), including as a result
of the COVID-19 pandemic; the impact of macroeconomic and
geopolitical conditions, including the impact of supply chain
constraints, inflationary pressures, labor availability and the
conflict between Russia and
Ukraine; the impact of new federal
and state regulations that affect the property and casualty
insurance market; the costs of reinsurance, the collectability of
reinsurance and our ability to obtain reinsurance coverage on terms
and at a cost acceptable to us; assessments charged by various
governmental agencies; pricing competition and other initiatives by
competitors; our ability to obtain regulatory approval for
requested rate changes, and the timing thereof; legislative and
regulatory developments; the outcome of litigation pending against
us, including the terms of any settlements; risks related to the
nature of our business; dependence on investment income and the
composition of our investment portfolio; the adequacy of our
liability for losses and loss adjustment expense; our ability to
build and maintain relationships with insurance agents; claims
experience; ratings by industry services; catastrophe losses;
reliance on key personnel; weather conditions (including the
severity and frequency of storms, hurricanes, tornadoes and hail);
changes in loss trends; acts of war and terrorist activities; court
decisions and trends in litigation; and other 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, 2021 filed with the Securities and
Exchange Commission on March 14, 2022
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 Contacts:
Kirk
Lusk
Chief Financial Officer
klusk@heritagepci.com
Mike Houston and Jeff Schoenborn
Lambert
HRTG@lambert.com
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SOURCE Heritage Insurance Holdings, Inc.